Higher demand, prices lift seafood exports in first five months
Higher demand, prices lift seafood exports in first five months
Seafood exports in Việt Nam grew in the first five months of the year, with positive signals seen in major markets in terms of both demand and prices, said the Vietnam Association of Seafood Exporters and Producers (VASEP).
Workers processing tra fish for export at a plant owned by Sao Mai Group Corporation. — VNA/VNS Photo |
In May, the country’s seafood exports are projected to reach US$870 million, reflecting a growth of more than 7 per cent over last year.
Tuna and crab exports have experienced significant advancements, while tra fish, squid and octopus exports have seen a modest increase.
However, shrimp exports have slightly declined compared to the previous year.
Overall, seafood exports for the first five months of the year were estimated to reach $3.6 billion, up 6.5 per cent year-on-year.
Việt Nam's tuna exports increased by 36 per cent to over $95 million in May, with canned tuna up 18 per cent, bagged tuna up over 3.5 times, frozen tuna loins/fillets up 25 per cent and frozen whole tuna up nearly 7 times compared to the same period last year.
In the same period, crab exports soared by 92 per cent, tra fish rose 10 per cent, while exports of squid, octopus and other fish species saw a modest 3 per cent growth. In contrast, shrimp exports declined by 1.5 per cent.
For the first five months, tuna exports rose 25 per cent to nearly $397 million, while crab exports hit $101 million, an 84 per cent jump, mainly driven by a doubling of crab product exports. China and Japan, the two largest markets, increased their imports of Vietnamese crabs.
Tra fish and shrimp exports during the period increased 3 per cent and 7 per cent on year, respectively, to nearly $755 million and $1.3 billion.
Major markets, including the US, Japan, the EU and South Korea, are gradually showing signs of recovery in both demand and import prices for seafood.
In May, exports to these markets grew positively, ranging from 5 to 26 per cent.
On the other hand, exports to China declined by 8 per cent over last year. The US remained the top market with 13 per cent growth, reaching $635 million worth of seafood imports from Việt Nam.
Exports to Japan, China, South Korea and the EU had modest growth of 3-4 per cent.
