Fisheries exports forecast to pick up after listless first quarter
Fisheries exports forecast to pick up after listless first quarter
Fisheries exports could increase by 8 per cent this quarter, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The association said the increase could be achieved if shipments of items like marine fishes, tuna and octopus see strong growth and those of tra fish remain steady.
Exports barely grew in the first quarter, rising by a mere 1 per cent to US$1.8 billion, due to a downward trend in shrimp exports that has persisted since last year.
Shrimp exports in January-March fell by 17 per cent amid falling prices, high stockpiles and fierce competition in the global market.
Tra fish exports also saw lower growth during the quarter of 8 per cent compared to 37 per cent in the previous quarter. But shipments of several other items such as tuna (19 per cent), squid and octopus (12 per cent) and other fish (22 per cent) saw strong increases.
In terms of markets for the country’s seafood, the US dropped to third place behind Japan and the EU due to a reduction in its imports of shrimp and tra fish.
High anti-dumping tariffs and competition will continue to affect Viet Nam’s exports of shrimp and tra fish to this market in the months ahead.
But VASEP hopes an upcoming seafood fair each in the US and Europe will help stimulate demand.
