Seafood exports growth slows due to global inflation
Vietnam’s seafood exports have been slowing down since July as inflation takes a toll on consumption in the U.S., E.U. and U.K.
Exports to the U.S. declined by 30.5% year-on-year in July after inflation in that country hit a 41-year high the previous month, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Black tiger shrimp exports were down 69% and that of pangasius fish, 4%. But tuna shipments increased by 34% and that of squid by 90%. But exports were up 30% in the year-to-date.
Exports to the E.U. rose by 18% year-on-year in July, well down from the 31% in the second quarter.
Inflation has been skyrocketing in the bloc, with the Russia – Ukraine tension causing food prices to climb, VASEP said, adding that the falling euro also contributed to declining consumption.
Exports to the U.K. fell by 12% year-on-year in the second quarter and 18% in July, as inflation raged at a 40-year high.
Shrimp and tuna exports were down 27% and 54%.
Exports to China rose by 25% in July, but authorities there are still monitoring the spread of Covid-19 closely at the border and will ban any exporter whose cargo is found infected.
With seafood exports reaching nearly reached $6.7 billion in the first seven months, VASEP is optimistic about achieving $10 billion for the year.