2017 shrimp exports to Japan likely to reach $3.4b

Việt Nam’s shrimp exports to Japan will likely to increase 9 per cent this year. — Photo baocongthuong

HÀ NỘI — Việt Nam is expected to export shrimps worth some US$3.4 billion to Japan this year, up 9 per cent year-on-year, the Việt Nam Association of Seafood Exporters and Producers (VASEP) said.

Of the total, exports of white-leg shrimp will contribute some $2 billion, surging 8 per cent against the same period last year, VASEP said.

Việt Nam’s shrimp exports to Japan reached $135.4 million over the past three months, a year-on-year increase of 29.6 per cent, making Japan the largest market for Vietnamese shrimps.

The association attributed the significant growth to the rise of the yen, which encouraged Japanese enterprises to move to imported shrimp.

In addition, Japanese consumers tend to switch to cheaper seafood, which increased the demand for shrimp as it is more affordable than other seafood such as tuna, salmon and squid