Aquatic exports predicted to hit US$11 billion in 2022

Shrimps have so far earned US$4.3 billion, an increase of 30% from the same period last year. Meanwhile, the export value of tra fish has topped US$2 billion, a year-on-year surge of more than 80%, and is likely to reach US$2.5 billion for the whole year.

For the first time, tuna export turnover surpassed US$1 billion. The export turnover of most aquatic products has recorded double-digit growth, ranging from 18% to 77%.

According to Hoe, Vietnam's seafood exports have fully recovered after the COVID-19 pandemic. The EU, US, China and Japan account for 74% of Vietnam's total aquatic export turnover.

Notably, Vietnam, for the first time, has raked in US$2 billion from shipping aquatic products to the US market. Meanwhile, the UK has become the 7th largest importer of Vietnamese seafood products.

Aquatic exports are forecast to face difficulties in 2023 as the Chinese market is not likely to re-open any soon. However, if the market recovers by the end of the first quarter of the year, the export value can still surpass 0 billion USD in 2023, he said.

Hoe advised exporters and processors to better prepare for production operations, seek ways to reduce production costs, and improve the quality of products towards speeding up the recovery and rapid development of the sector in the coming time.

Vietnam raked in 9.5 billion USD from exporting aquatic products in the first 10 months of 2022, up 34% year-on-year, VASEP reported./