Suggestions for you

Seafood exports: Good signals from key products

08/06/2020

Although still under the influence of the COVID-19 pandemic, exports of several key products of the fishery industry such as shrimp and pangasius are showing signs of recovery.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after COVID-19 pandemic has been brought under control, from March 2020, China's import demand for agricultural, forestry and fishery products has recovered, therefore, Vietnam's seafood exports to China have been increasing continuously in the past 2 months. Specifically, an increase of 35% in April; an increase of 20% in May.

Despite the impact of the COVID-19 pandemic, Japan has maintained stable demand for seafood imports from Vietnam and the import value has increased continuously in the first months of the year (April increased by 16%, May increased by 9%).

"It is expected that with this growth momentum, Japan will continue to be the largest market for Vietnam's seafood consumption this year, offsetting a significant part of the decline in European and American markets" - Mr. Nguyen Hoai Nam - Deputy General Secretary of VASEP said.

In general, by the end of May 2020, seafood export to China is only about 2% lower than the same period last year, as of the end of June 2020, the export results to this market will be similar or slightly increased compared to the same period in 2019.

For most items, exports have declined, except for shrimp that maintained a growth rate of 6% in April and May. After five months, shrimp exports still saw a positive growth of nearly 4% with nearly USD 1.2 billion. Vietnam’s shrimp exports to most major markets have increased, Vietnam's shrimp export prices have been more positive, businesses are taking advantage of the opportunity after the COVID-19 pandemic.

According to VASEP, the preliminary success in controlling COVID-19 has helped Vietnamese shrimp businesses to be more competitive than other competitors in countries such as India and Ecuador - countries that are so far still struggling to cope with COVID-19 without being able to return to normal production.

Particularly, pangasius exports as of May have recovered gradually compared to April, however, compared to the same period last year, still 15% lower and the results after 5 months estimated at nearly USD 600 million, a decrease of 24%.

It is forecast that seafood export in the coming months will recover gradually because the EU market has started to open trade again from May, the demand will gradually increase in the coming months. However, Covid-19 pandemic is still complicated in the U.S. and some other countries, therefore it will continue to affect the global seafood trade. Therefore, according to VASEP, for Vietnam's seafood exports, the recovery would be difficult in the last months of the year.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
Follow us