Business

Seafood exports to US face tough recovery

Vietnam’s seafood exports to the United States reduced in the first five months, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Seafood exports to US face tough recovery ảnh 1Illustrative image (Source: Vietnamtradeoffice.net)
Hanoi (VNA) - Vietnam’s seafoodexports to the United States reduced in the first five months, according to theVietnam Association of Seafood Exporters and Producers (VASEP).

Also, it will face difficulties in recovering in the next few months, VASEP said.

The nation saw a year-on-year growth of 7.5 percent in the total export valueof seafood to 2.76 billion USD in the first five months, but the export valueof local seafood products to the US fell by 12.7 percent year-on-year to 461million USD, the association said.

The reduction made the US only thesecond largest export market for Vietnam in the first five months of this year,against the first place in the same period last year, it said. The fall waspartly due to the anti-dumping duty on Vietnamese tra fish and shrimp in the USmarket.

The exports of Vietnamese seafoodproducts to the US was expected to face difficulties in recovering by the endof this year, because the US inspection programme for catfish would beeffective September 2017. Also, with Donald Trump becoming the US President,the currency market has seen many changes, and the new US government mayincrease tax, and technical and protection barriers, the association said.

During the first five months, the EUwas the third largest export market for Vietnamese seafood products, but stillhad a reduction of 0.7 percent in the export value.

Meanwhile, Vietnamese seafoodproducts reached a year-on-year growth of 29.3 percent, 20.1 percent and 26.1 percentto Japan, China and the Republic of Korea, respectively.

VASEP said tra fish andshrimp exports had slow growth because the material supply for shrimp and tra fish was limited, and prices for the material of those products increasedsharply.

Therefore, enterprises had changedthe structure of seafood export products and markets to promote exports oftuna, squid, octopus and other seafood products.

Vietnam’s tuna exports gained ayear-on-year increase of 20 percent to 216 million USD in the first five monthsdue to the growth of exports to traditional markets such as the US and the EU.

In the first five months, thenation’s squid and octopus exports rose by 39 percent to 199 million USD againstthe same period last year. -VNA

VNA
#Vietnam #seafood export #VASEP #growth #seafood products #export market #tuna #squid #octopus #the US #the EU #tuna exports #traditional markets #Donald Trump #US President #currency market
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