After a strong increase of 17% in the Q1, aquatic products exports in the following quarter slowed down to 5.7%, raking in US$2.2 billion. The slower increase rate was attributed to sharp decline in shrimp prices amid increasing global supply.
In July, export value of aquatic products was at US$793 million, up by 7% year on year thanks to the recovery of shrimp shipments.
The figure for the first seven months came to about US$4.78 billion, up 8.5% against the same period in the previous year.
According to experts, aquatic exports are facing many challenges in import markets, including anti-dumping tariffs on shrimp and tra fish in the US and the European Commission’s “yellow card” on illegal, unreported, and unregulated (IUU) fishing.
However, as demand for shrimp is likely to rise and domestic prices of material shrimps become stable, export is expected to recover in upcoming months.
In January-July, shrimp export earned nearly US$2 billion, recording an increase of 5.5% year-on-year.
Aside from shrimp exports, VASEP said that tra fish exports will see stronger growth, at around 30%, in remaining months of the year, along with seafood products like tuna, squid and octopus.