Strong rebound in seafood exports to Russia
Strong rebound in seafood exports to Russia
Once falling to a standstill due to the impacts of the Russia-Ukraine conflict, Vietnam’s seafood exports to Russia are now showing inspiring results after the last few months.
According to the Vietnam Association of Seafood Exporters and Producers, in March and April, Vietnam’s seafood exports to Russia shed 86 per cent and 46 per cent, respectively, due to transportation and payment disruptions.
However, from May, seafood exports to Russia have gradually resumed pace and seen a turnaround from July with a 36 per cent jump on-year, before shooting to 98 per cent in August.
Basa fish continued to take the lead, representing 22 per cent of Vietnam’s total seafood exports to Russia, bringing in nearly $21 million of the export value in the first eight months.
Exports of white-claw shrimp generated $16 million, accounting for 17 per cent, while exports of grilled chopped fish and surimi brought in more than $12 million, making up 13 per cent of the total.
While exports of most seafood products to Russia saw a decline due to disruptions in the early months of the year, exports of snapper, tuna, and anchovy to Russia have still managed to grow, of which tuna exports soared 97 per cent on-year in the first eight months, reaching $16 million. Exports of snapper rose 6 per cent reaching $14.6 million, and export of anchovy showed a 27 per cent jump, amounting to $4.6 million.
This year, six more firms were allowed to export seafood to Russia, pushing up the number of businesses liable to export seafood to Russia to a total of 54.
During the eight-month period, 39 Vietnamese firms were engaged in seafood exports to Russia.
The top performer was Nam Viet JSC holding the largest proportion of 13 per cent with basa fish as its key item, followed by Saigon Food Import Export JSC at 12 per cent, Hai Vuong Co., Ltd. at 12 per cent, Anh Long Food Co., Ltd. at 8 per cent, and Minh Phu Seafood Corporation at 7 per cent, among others.
This year, six more producers were allowed to export seafood to Russia, pushing up the number of those liable to export seafood to Russia to a total of 54.
According to Duong Hoang Minh, Vietnam trade counsellor to Russia, payment issues when exporting to Russia are no longer a hindrance as the market room remains immense.
Freight transport to Russia has also become more convenient after Russia’s transport group Fesco launched a direct maritime line connecting Ho Chi Minh City, Haiphong, and Vladivostock in Russia’s far east, starting from May.
Several shipping liners have also launched new routes, involving Russia’s destinations, speeding up transport to Russia. Rail transport has also been significant to aid trade exchanges with Russia.
With such upbeat signs, seafood exports to Russia are expected to continue gaining momentum in the later months of the year and are forecast to exceed $190 million this year, equal to a 16 per cent jump.
Vietnam’s total seafood export value reached $7.55 billion in the first eight months of 2022, up 35.5 per cent on-year.
