Seafood exports plummet
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Seafood exports in January fell 25 percent year-on-year and are set to continue falling due to the novel coronavirus outbreak.
They fell to $556 million, with exports of pangasius fish falling by 64 percent, octopus by 50 percent and tuna by 30 percent, the Vietnam Association of Seafood Exporters and Producers said in a report.
It attributed the drop to the seven-day Lunar New Year (Tet) holiday in January, adding exports would continue to fall in February and March since the epidemic has limited exports to China.
In the worst case, seafood exports to China will fall 30 percent in the first half to $400 million. But if there is limited border trade, the impact could be mitigated somewhat.
China was Vietnam’s fourth-largest market last year, with exports being worth $1.23 billion after rising 22 percent.
Questions & Answers
Q.What is the primary reason for the fall in seafood exports mentioned in the report?
What is the primary reason for the fall in seafood exports mentioned in the report?
The Vietnam Association of Seafood Exporters and Producers attributes the drop to the seven-day Lunar New Year (Tet) holiday in January. Exports are also expected to continue falling due to the novel coronavirus outbreak limiting trade with China.
Q.Which specific types of seafood experienced the most significant export declines in January?
Which specific types of seafood experienced the most significant export declines in January?
Pangasius fish exports saw the largest decrease, falling by 64 percent. Octopus exports were down by 50 percent, and tuna exports fell by 30 percent during the same period in January.
Q.What is the potential impact on seafood exports to China in the first half of the year?
What is the potential impact on seafood exports to China in the first half of the year?
In the worst-case scenario, seafood exports to China are projected to fall by 30 percent in the first half of the year, reaching a total of $400 million. This impact could be reduced with limited border trade.
Q.How significant was China as an export market for Vietnamese seafood last year?
How significant was China as an export market for Vietnamese seafood last year?
China was Vietnam's fourth-largest market for seafood last year. Exports to China were valued at $1.23 billion, having increased by 22 percent in the preceding year.
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