Seafood exports to key markets rise 64%

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.