Seafood exports to UK in the context of Brexit
Britain’s exit from the European Union (EU) , or Brexit, may affect the competitiveness of seafood products exported to the UK in terms of price, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vo Van Phuc, Director of Vietnam Clean Seafood Corporation, said that there will be difficulties in seafood exports to both the UK and the EU as Brexit causes devaluation of GBP and EURO.
The VASEP also raised concern that exports to the UK will not enjoy preferential tax conditions from the free trade agreement (FTA) between Vietnam and the EU once it is approved.Especially, Brexit will have a big effect on shrimp exports as the UK is the largest importer of Vietnamese shrimp.
Shrimp exports to the UK reached US$47.5 million by June 15, up 16 percent against the same period last year, according to the VASEP.
The export growth of this product has slowed down in recent time, with an increase of 21.6 percent in the first five months in comparison with a 39 percent rise for the four-month period.
