Seafood export expected to hit over US$8 billion this year

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In the fourth quarter of this year, the export growth and favourable factors from foreign markets, the country’s seafood exports  are expected to rake in higher export value than during the same period last year, with this growth, seafood export is expected to hit US$8.8 billion for the whole of 2018, a year-on-year rise of 6%.

Specifically, tra fish export witnessed the sharpest turnover growth with US$212 million November, a year-on-year rise of 32%, totaling US$2 billion in the 11 months.

Catfish exports have continued to be a strong point of the Vietnamese seafood industry this year, according to the Viet Nam Association of Seafood Exporters and Producers.

Exports of tuna, squid and octopus were valued at US$600 million and US$609 million during the period, up 11% and 7% over a year earlier, respectively. The two products are expected to bag US$660 and US$680 million in 2018.

For shrimp, compared to the same period last year, November export decreased by 19%, valued at US$290 million; totaling nearly US$3.3 billion in the 11 months, down 7%.

Chairman of the Board of Directors of the Thuan Phuoc Seafood and Trading Corporation, said the high anti-dumping tariff is one of the reasons behind a decline in Viet Nam’s shrimp exports to the U.S. since 2017.

The U.S.’s imposition of a lower anti-dumping duty would facilitate Viet Nam’s shrimp exports to this market in the coming time, he said.

Of this, white-leg shrimp made up 69%, worth US$2.2 billion, down some 3%; while sugpo prawn accounted for 23%, worth US$745 million, down nearly 8%. Shrimp export is predicted to hit about US$3.6 billion this year, down 5% against 2017.

Currently, Viet Nam’s seafood products were exported to more than 180 markets worldwide, with Japan, the EU, the U.S., ASEAN, the Republic of Korea and China being the six biggest mảkets.

In 2017, Viet Nam’s seafood trade within Asia surged in 2017, reaching a combined export value of US$ 4 billion (€2 billion), 28% higher year-on-year. 

The country exported seafood to seven countries and two territories in Asia in 2017, it reported. Japan was its biggest export market last year, rising 18.6% year-on-year to US$ 1.3 billion (€1.1 billion) in value, followed by China with US$ 1.1 billion (€ 892 million), jumping 59.4% from 2016, according to the data.

By Vien Nhu