21/05/14: Vietnam seafood exports has the highest growth in 3 years

As expected, in QI/2014, Vietnam shrimp exports continued to get positive results in 2013 and reported high growth thanks to increase in whiteleg shrimp production and shipment. This contributed to driving total seafood exports of the country to reach US$1.65 billion, up 31 percent year on year, the highest growth level in 3 years.

Whiteleg shrimp sales reported an year-on-year increase of 212 percent and occupied 60 percent of Vietnam’s total shrimp export value while black tiger shrimp shipment was up 13 percent and made up 32 percent of the total. With the revenue of nearly US$800 million and the proportion of 48 percent of the total seafood exports, shrimp sales compensated for the deep and continuous dive in exports of tuna ( -26 percent), bivalve mollusk (-13 percent) while exports of pangasius and cephalopod reported an unstable growth of 5 percent and 5.7 percent, respectively

Thanks to soaring in shrimp export turnover, Vietnam’s seafood exports to all markets witnessed a positive growths of 11-74 percent. In QI/2014, the U.S. remained to be the largest importer of Vietnam seafood with the highest growth in shrimp sales of more than 200 percent, pangasius up 16 percent but tuna downed 32 percent. Antidumping duty on Vietnam shrimp and pangasius announced recently by the US Department of Commerce (DOC) and the approval of Farm Bill 2014 have not had a direct impact on Vietnam’s seafood exports in the quarter.

Through March 2014, Vietnam seafood exports to EU rose 19 percent thanks to high demand from the market while exports to Japan went up 10 percent despite low seafood demand from the market.

  

In QI/2014, exports of Vietnam shrimp was high thanks to its high supply and price while demand for tuna declined due to lack of high quality raw tuna for processing sashimi. Exports of processed tuna in the quarter downed 12 percent while exports of frozen/fresh tuna fell 33 percent.

With the current state of fish production and exports, which strategies Vietnam will apply to boost exporting shrimp and pangasius and regain the market share of shipment of tuna and other marine products in coming months?

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