Seafood exports to key markets rise 64%
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Vietnam’s seafood exports rose by 64% year-on-year in January to nearly US$750 million, with shipments to China, the U.S. and the EU seeing sharp increases.
Exports to China tripled, the Vietnam Association of Seafood Exporters and Producers (VASEP) said without providing specific figures.
It said China, including Hong Kong, is Vietnam’s second biggest seafood market after Japan.
Exports to Japan rose 43%. The increase were 63% to the U.S. and 34% to the E.U.
But exporters said challenges that could hamper their recovery persist.
Shrimp companies said global demand remains weak and therefore prices are low, they still have large inventories and are having difficulty competing with their Indian and Ecuadorian rivals.
Diseases are also hitting shrimp output, they added.
Pangasius prices increased by 11% to VND29,000 per kilogram in January.
They expect a 10% increase in exports to $2 billion this year.
VASEP said seafood exporters in general are facing difficulties due to geopolitical tensions in the Red Sea and the Russia-Ukraine conflict, which have caused shipping costs to soar.
VASEP expects seafood exports to increase marginally to $9.5 billion this year.
Questions & Answers
Q.What are the main reasons given for the difficulties faced by Vietnamese seafood exporters despite the overall rise in exports?
What are the main reasons given for the difficulties faced by Vietnamese seafood exporters despite the overall rise in exports?
Exporters are facing challenges due to weak global demand for shrimp and low prices. They also have large inventories, struggle to compete with rivals, and are affected by diseases hitting shrimp output. Geopolitical tensions are also causing shipping costs to soar.
Q.Which specific markets saw the largest percentage increases in seafood exports from Vietnam during January?
Which specific markets saw the largest percentage increases in seafood exports from Vietnam during January?
Exports to China tripled, though specific figures were not provided. The US market saw a 63% increase, while exports to the EU rose by 34%. Japan's exports increased by 43%.
Q.What is the expected total value of Vietnam's seafood exports for the current year, according to VASEP?
What is the expected total value of Vietnam's seafood exports for the current year, according to VASEP?
VASEP anticipates that Vietnam's total seafood exports will increase marginally to US$9.5 billion this year. This is a general expectation for seafood exports not just shrimp or pangasius.
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Can Vietnam sustain this export growth?
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