Seafood exports hit $500 million in May

Seafood exports hit $500 million in May

Vietnamese seafood exports in May are estimated at $479 million, bringing the total five-month export value to over $2.2 billion, down 5.6 percent against last year.

Seafood experts attribute the decline to difficulties with input materials, as well as anti-dumping tariffs and barriers set by the Japanese and Republic of Korea markets.

Australia and Canada have recently warned about the quality of Vietnamese seafood products as they found residues of antibiotics such as Fluoroquinolone, which is banned in seafood batches shipped to their markets.

As a result, exports to three major markets – the US, Japan and the RoK – have dropped significantly compared to 2012. Meanwhile, exports to China and Thailand have increased by 41% and 19 %, respectively.

However, the Vietnam Association of Seafood Exporters and Processors (VASEP) reports that, despite recent market recovery, the aforementioned factors will continue affecting the fisheries sector in the next few months.

It will be difficult for exports to rebound in the second quarter of this year and experts forecast that they may even decrease slightly.

Many export businesses still hope that shrimp exports to Japan – the leading importer of Vietnamese shrimp – will increase again after this country has removed regulations to test for Trifluralin residues in Vietnamese shrimp.

To promote exports in the coming months, experts suggest the fisheries sector find ways to reduce indirect costs and those related to services, and businesses pay more attention to quality, food hygiene and safety in order to expand their export markets.

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