Aquatic exports enjoy 25% growth last month
The export of aquatic products recorded strong growth last month although the Russia-Ukraine crisis has disrupted shipments to the two European countries since late February and caused spikes in shipping costs and input expenses.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in March, Vietnam exported US$920 million worth of aquatic products, a year-on-year increase of 25%. However, the rate reflected a slowdown after the sector posted spectacular growth of 44% in January and 62% in February.
Total shipments reached US$2.4 billion in the first quarter of 2022, up 40% against the same period last year.
This was attributed to the impressive recovery of tra fish exports which expanded 88 percent to hit US$646 million during the period on the account of surging demand from major markets, such as the US, China and the EU. The fish has again become a key export item, accounting for 27% of the total aquatic exports, the association said.
Shrimp contributed the largest export share of 37% in March, earning more than US$345 million in turnover, up 21%. The Q1 revenue exceeded US$900 million, up over 37% year-on-year.
The seafood processing sector has been struggling as soaring fuel prices, triggered by the Russia-Ukraine conflict, are imposing a heavy burden on offshore fishermen. Last month, seafood exports expanded by just below 3% to total US$312 million, largely thanks to good growth (20%) in shipments of tuna, squid and octopus.
By the end of the first quarter, Vietnam shipped some US$878 million worth of seafood abroad, of which US$234 million came from tuna, up 55%; and US$156 million from squid and octopus, up 35%. The largest growth was seen in the shipments to the US (42%), China (77%), and the EU (37%).
Vietnam’s aquatic exports are expected to pick up 25% to US$934 million in April.
