Fisheries exports estimated at US$1.85 billion in Q1

Fisheries export value was estimated at US$1.85 billion in the first quarter (Q1) of this year, a fall of 27% compared to the same period last year due to lower consumption and import demand under the impacts of inflation and economic recession, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

As of the end of Q1, shrimp exports earned US$577 million, a year-on-year drop of 40%, while the export of tra and tuna fish brought home US$447 million and US$179 million, down 32% and 31%, respectively.

Le Hang, communications director of the VASEP said it’s forecasted that aquatic product exports will bounce back from Q2 after several international programmes were held in the US and EU, helping to attract more buyers.

Regarding to market, Hang noted that China will become Vietnam’s biggest seafood importer, but there will be great pressure from other competitors in this huge market.

Over the past time, the Ministry of Trade and Industry, Ministry of Agriculture and Rural Development, and the Ministry of Foreign Affairs have actively organised trade promotion programmes to connect Vietnamese seafood exporters with potential customers in key markets.

Meanwhile, firms in the fisheries sector are looking for more preferential loans and measures to remove difficulties for both aquaculture farmers and exporters to stabilise material supply sources and boost exports.

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