Total aquatic import value during the reviewed period surged 4.6 per cent to US$1.32 billion compared to last year’s corresponding period. The first three quarters of the year saw the fisheries sector enjoy a trade surplus of close to US$5 billion.
Notably, tuna exports maintained robust growth of 20 per cent while other key aquatic products experienced a downward trend including shrimp (down 7 per cent), tra fish (down 8 per cent) and octopus (down 8 per cent).
On the contrary, other marine fish enjoyed a positive export growth of 17 per cent, which has contributed to compensating for the overall decline in the export of shrimp, tra fish, squid, and octopus.
This year, the price of imported shrimp at markets endured a downward trajectory in comparison to last year due to an increase in overall shrimp output, a decline in the price of raw shrimp, high inventories, and increased supply source of the product from other countries.
Shrimp exports to major markets such as the EU, Japan, the Republic of Korea, and ASEAN declined, although exports to markets such as China, the United States, and Australia experienced a slight increase.
VASEP have indicated that there are positive signs for shrimp exports to vast markets such as the US, China, and Japan due to the decrease in inventory volume and rising demand. Despite this, overall shrimp exports are projected to fall 4 per cent to US$3.4 billion compared to last year.
Tra fish (pangasius) exports to the Chinese market have recovered since June and are predicted to skyrocket during the remaining months of the year.
Despite growth to the Chinese market, the export of tra fish to the US market is unlikely to bounce back and is likely to experience a drop of 3 per cent to US$2.23 billion as a result of high anti-dumping duties in the US
Moreover, tuna exports are projected to enjoy robust growth in both the US and Chinese markets in the fourth quarter of the year. Tuna exports to the EU market are also predicted to soar 23 per cent to US$800 million over last year.
The figures are dependent on the results of the EU inspections which will take place in late October regarding the European Commission’s illegal, unreported, and unregulated fishing yellow card.
According to VASEP, the total aquatic export turnover for the whole year is expected to grow by 1.4 per cent to US$8.9 million in comparison to last year.