Vietnam’s seafood exports saw a decline of nearly 30% during the first five months of this year, reaching just 3.5 billion USD. However, the industry is pinning its hopes on a recovery in the third quarter and an acceleration over the remaining months of the year, as consumer demand in key markets bounces back.
These insights were shared at a conference in Ho Chi Minh City on June 12 to review the aquatic export market in the last six months of the year.
During January-May, aquatic product exports experienced a year-on-year decline of 13-14%, with shrimp being the hardest hit, down 34% to 1.2 billion USD, followed by pangasius, down 30% to some 840 million USD.
Major markets such as the US and China saw record declines of 50% and 26%, respectively.
Global economic fluctuations are the main cause of market stagnation, falling export prices, and high inventories, according to insiders.
Despite the decline in exports, the aquatic market has seen recovery in demand in certain commodities, starting from May, when the inventory index improved.
Businesses have also been actively cutting costs, diversifying products, and promoting trade activities.
They are also anticipating credit solutions which help ease the situation.
The Vietnam Association of Seafood Exporters and Producers forecasts that exports🌱 will re♈cover vigorously from the third quarter and accelerate in the fourth quarter.
The seafood industry aims to export 10 billion USD in the year as a whole, with shrimp expected to hit 3.5 billion USD and pangasius 1.9 billion USD./.
