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Seafood exports likely to fall short of 10-billion USD target

Vietnamese seafood companies need to work harder to realise the export target of 10 billion USD set by the Ministry of Agriculture and Rural Development (MARD) when oversea shipments in during January-July were estimated at only 4.66 billion USD.
Seafood exports likely to fall short of 10-billion USD target ảnh 1Seafood exports likely to fall short of 10-billion USD target (Photo: VNA)

Hanoi (VNA) – Vietnamese seafood companies need to work harder torealise the export target of 10 billion USD set by the Ministry of Agricultureand Rural Development (MARD) when oversea shipments in during January-July wereestimated at only 4.66 billion USD.

The yearly growth rate of seafood export in the period this year, at 6.4percent, was much lower than the same time last year, with 19.3 percent.

According to Truong Dinh Hoe, General Secretary of the Vietnam Association ofSeafood Exporters and Producers (VASEP), instability in the world market andoversupply of shrimp worldwide are the main causes of the dwindling growth.

“Exports of seafood products are likely to fetch 9 billion USD, but 10 billionUSD is a far cry. However, we are trying our best,” Hoe said.

He noted that revenue from seafood exports in July was less than 700 millionUSD, adding that however, the season for export are in the last months of theyear, and if export value can maintain an increase of 100 million USD eachmonth, Vietnam will pocket 9 billion USD from seafood exports by the end ofthis year.

As shrimp, tra fish, and tuna are the largest contributors to the nation’sexport revenue, a fall in shipment of one of the three products will affectresults of the whole sector.
Statistics from VASEP showed that shrimp exports in the second quarter of theyear fell 4.9 percent to 893 million USD due to fluctuations in both domesticand foreign shrimp prices. However, thanks to a robust growth of 20 percent inthe first quarter, total export for the first half of the year still showed aslight increase of 5.1 percent to 1.6 billion USD.

With shrimp demand expected to rise in the second half, Vietnamese shrimpexports are forecast to reach some 4 billion USD.

In contrast to the rough seas faced by shrimps, tra fish export revenue grewnearly 20 percent from the same time last year to over 1 billion USD in thefirst six months. Strongest growth was seen in the Chinese market (46.7 percentwith more than 251 million USD), followed by the EU (16.2 percent, 117 millionUSD), and the US (11.6 percent, 197 million USD).

Tuna exports during January-June also picked up 12 percent to nearly 303 millionUSD. Shipments to Israel are expected to increase while those to the EU willhave favourable conditions as both sides are concluding the negotiations offree trade agreement.

However, exports to the US will face challenges due to fierce competition, andfalling demands.-VNA

VNA
#Vietnamese seafood companies #export target #10 billion USD #growth rate of seafood export #Vietnam Association of Seafood Exporters and Producers #instability #world market #oversupply of shrimp #Vietnam News Agency #Vietnamplus
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