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Aquatic product exports hit US$1.64 bln in Q1

VGP - The export of key aquatic products in March 2021 was estimated at US$640 million, bringing the total in the first three months of this year to US$1.64 billion, an increase of three percent over the same period in 2020, according to the Viet Nam Association of Seafood Exporters and Producers(VASEP).

April 09, 2021 5:57 PM GMT+7

Illustration photo

According to Le Hang, Deputy Director of the VASEP.PRO center at the Viet Nam Association of Seafood Exporters and Producers, the export of squid and octopus rose 8 percent in March, lifting the total export value in the first quarter to US$112 million.

The European market is recovering thanks to tariff preferences under the EU-Viet Nam Free Trade Agreement (EVFTA), Hang said.

Of note, shrimp and tra fish exports surged 10 percent and 11 percent in March to Ú$270 million  and US$137 million, respectively.

The country earned US$646 million  from exporting shrimp in the first quarter, up nearly three percent on-year, while the export value of tra fish totalled US$336 million, a rise of just 0.6 percent.

Exports of squid, octopus, and fish-related products also saw positive growth signs.

The U.S., Japan, the Republic of Korea, and China remained the biggest importers of Vietnamese aquatic products in the first two months of the year, accounting for 53.8% of the total.

Aquatic export value rose in most markets, with the highest growth reported in Russia, 44.6 percent.

According to the VASEP, the export of shrimp and tra fish to China will bounce back again in April and the coming months as China gradually handles congestion at its seaports and loosened procedures on COVID-19 control on imported aquatic products.

In the meantime, Viet Nam’s aquatic exports to the US market are also expected to see positive growth in the next few months thanks to the increasing export of trafish. However, the export of shrimp to this market may not maintain as strong level of growth as in previous years.

The country’s aquatic exports are predicted to hit US$2.32 billion for the first four months, an year-on-year increase of nearly 4 percent./.

By Vien Nhu