US becomes leading importer of Vietnamese shrimp

According to Vietnam Customs, over US$542 million in shrimp exports went to the US during the first nine months of this year, an increase of 62% over that period in 2012. In September alone, shrimp exports to the US reached a record high, 138% of the September 2012 total.

The sizeable increase in September was due to the US Department of Commerce (DOC) decision that all 33 Vietnamese shrimp exporters would enjoy a zero percent tax rate on shrimp products imported to the US from February 1, 2011 to January 31, 2012, and the United States International Trade Commission's (USITC) decision to cancel anti-subsidy measures against companies exporting frozen shrimp from Vietnam.

The two decisions not only helped reduce the cost burden on Vietnamese shrimp exporters, but also demonstrated that the US's recognition that the Vietnamese shrimp industry operates under a market mechanism that does not receive subsidies from the Government.

Japan ranked second among importers of Vietnamese shrimp, with a total import value of US$497 million over the nine months, up nearly 13% over the corresponding period last year.

Vietnam's shrimp exports to the EU has also thrived after a yearlong decline, bringing in over US$236 million in the first three quarters, an increase of nearly 15%.

(Source: Nhandannewspaperonline)