July 19, 2018 09:14

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With a 2-digit growth, seafood exports in the first half of 2018earned nearly US$ 4 billion

20:40 | 03/07/2018

VCN–maintaining the double-digit growth, seafood exports in the first 6 months of 2018 reached nearly US$ 4 billion. Enterprises expect a higher growth in the second half.

with a 2 digit growth seafood exports in the first half of 2018 earned nearly us 4 billion Seafood exports face barriers
with a 2 digit growth seafood exports in the first half of 2018 earned nearly us 4 billion Seafood export is full of difficulties, but it is still achieving good growth
with a 2 digit growth seafood exports in the first half of 2018 earned nearly us 4 billion Seafood exports target US$10 billion this year
with a 2 digit growth seafood exports in the first half of 2018 earned nearly us 4 billion
Seafood shipments were exported in early 2018 at Cat Lai port. Photo: T.H

The 2-digit growth

The above information was released by Vietnam Association of Seafood Exporters and Producers (VASEP) on 29th June, 2018. According to VASEP, seafood exports in the last few months has slowed down, but the total value of seafood exports inthe first 6 months remained at a double digit growth.

Seafood export in June is estimated to increase nearly 12%, reached nearly US$ 729 million, bringing the total exports in the first 6 months of 2018 to nearly US$ 4 billion, up 12.3% over the same period last year.

It is known that the price of shrimp in the world market decreased, because the output of the shrimp production countries increased, affecting the price of Vietnam’s raw shrimp and shrimp export value in recent months.

Shrimp exports in May decreased nearly 10% over the same period, continuously decreased slightly by 0.7%, and reached US$ 284 million. Total shrimp exports in the first 6 months earned over US$ 1.6 billion, up 7.6% over the same period last year. In particular, white shrimp exports remained with a strong growth of 18%, and a turnover of more than US$ 1 billion, while black tiger shrimp exports decreased nearly 7% and earned US$ 382 million.

Enterprises forecasted that shrimp exports will recover in July and in the following months because the market demand for shrimp is rising again. The price of raw shrimp in the country also tends to increase and farmers will be confident in investment in shrimp farming.

In addition to shrimp, pangasius exports has continued to rise from the beginning of the year with an increase of 33% in June, reaching over US$ 200 million, bringing the total exports of 6 months to nearly US$ 1 billion, up 21%.

From a market perspective, except for the EU market, the pangasius exports to other markets remains significant, especially in China and the US markets due to their high demand.

The barriers from anti-dumping tariffs and the catfish inspection program have been well responded to by the enterprises and the exports have remained stable, even though there are fewer exporters exporting to the US.

In addition, the US-China trade war is considered to provide opportunities for Vietnam to export pangasius to both markets. Pangasius exports is expected to continuously increase strongly in the second half of the year.

Exports of tuna and other seafood products increased significantly in June. Of which, tuna was up 25%, equal to US$ 55 million, bringing the exports of the first six months to US$ 300 million, up 13%. Octopus and cuttle fish increased by 12%, equal to US$ 60 million, bringing the total exports of 6 months to nearly US$ 300 million, up 13%. Other fisheries exports jumped 11%, equal to US$ 112 million in June and rose 14% in the six months, equal to US$653 million.

Trying to overcome challenges by the yellow card

According to the VASEP, IUU yellow card of the EU market madeexports of tuna and some seafood products fluctuate in the first 3 - 4 months, causing the total export turnover to this market to increase slowly. In June, exports to this market recovered with an increase of 13%, equal to US$ 114 million, but the total export value in the first half of the year only maintained a rise of nearly 3%, equal to US$ 584 million, making the EU fall to rank fourth among the key markets of Vietnam, after the United States (US$ 626 million ), Japan (US$ 599 million) and China (US$ 586 million).

The export forecasts for these markets will rebound in the second half of the year, not only for seafood, but also for shrimp products. In addition, exports to other major markets also increased sharply from 12-77%, which is the basis for predicting that the seafood exports in the second half of the year will maintain better results than the first half, towards the goal of US$10 billion for 2018.

On 14thJanuary 2018, at the ceremony to launch the exportedseafood shipments in early 2018 at Cat Lai port, Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that seafood exports in 2018 must hit US$ 8.5 billion, aiming for a goal of US$ 10 billion by 2020.

In 6 months of implementing solutions to overcome the EC’s "yellow card", Vietnam has focused on implementing many solutions, perfecting legal documents. 9 EC recommendations were included in the Fisheries Law. This is a great effort to shape the legal framework. In addition, the Government has made many decisions to focus on synchronous guidance, and coastal provinces, fishermen and businesses have taken drastic measures to implement the recommendations.

with a 2 digit growth seafood exports in the first half of 2018 earned nearly us 4 billion Seafood exports to many European markets gained a good growth

VCN – Many European countries have imported our country’s seafood. Thus, the turnover growth in the recent ...

However, the EC has not withdrawn the yellow card for Vietnam as expected, and the concerned parties are continuing efforts to overcome the challenges to strive for a sustainable fisheries industry.

By Le Thu/ Huyen Trang