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2017 seafood exports may hit $8bn for first time

Released at: 14:43, 03/08/2017

2017 seafood exports may hit $8bn for first time

Photo: Internet

VASEP makes prediction based on exports year-to-date.

by Tue Lam

Seafood exports this year may reach $8 billion for the first time, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

After a slight increase of nearly 5 per cent in the first quarter of this year, mainly due to growth in tuna, squid and ocean fish exports, seafood exports continued to show positive growth in the second quarter.

Exports in July were estimated to total $714 million, a year-on-year increase of 17 per cent and bringing the figure for the first seven months to $4.32 billion, up 15 per cent.

According to VASEP, shrimp exports began to recover strongly in the second quarter, when they increased by over 30 per cent, with the first-half figure at $1.56 billion, up nearly 15 per cent year-on-year.

Exports of tra fish in the second quarter rose 2.4 per cent, for a first-half figure of $836 million, up nearly 6 per cent.

Tra fish exports in July were $148 million, up 7.7 per cent, bringing the total export value in the first seven months to $985 million, up 6 per cent year-on-year. Exports to the EU fell the most, by 24 per cent, while those to the US fell 5.7 per cent. Exports to China, meanwhile, increased sharply, by 46 per cent, for a positive result in the first half.

Exports of tuna, squid, and other seafood increased sharply in the second quarter, contributing significantly to the total value of seafood exports increasing sharply in the first half.

Tuna exports increased nearly 21 per cent to $271 million, squid exports by 50 per cent to $269 million, and other seafood by 14 per cent to $581 million.

Exports of seafood to Japan, China, and South Korea all saw double-digit growth thanks primarily to shrimp exports. Exports to the US and Australia fell sharply, mainly due to declining exports of shrimp.

Given the current situation, VASEP forecasts that the total value of seafood exports in the second half of the year will continue to increase due to rising market demand. However, difficulties in the US market for shrimp and tra fish will somewhat limit this growth.

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