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Aquatic products – bright spot in the Vietnam’s export picture PDF Print
Thursday, 22 March 2018 00:00

VIETRADE - According to the Ministry of Agriculture and Rural Development (MARD), the Vietnam’s export revenue of agricultural, forestry and fishery products reached US$6.1 billion in the first 2 months of 2018, an increase of 30% over the same period of 2017. Of this figure, the export value of agricultural products reached US$ 3.3 billion, up 27.8% y-o-y, exports of aquatic products - US$1.2 billion, up by 29.5% y-o-y, exports of forestry products - US$1.43 billion, up by 28.5% y-o-y. Vietnam’s trade surplus hit US$819.3 million, up by 27.7% in comparison with the same period of prior year.

Vietnamese Aquatic products export revenue in 2010 – 2018 (in billion US$)

Many key agricultural products continued to achieve high export growth in volume and value such as rice, coffee, tea, cashews, fruits and vegetables, cassava and cassava products. However, the bright spot in the country’s agricultural export picture in the first 2 months of this year was aquaculture products – the key industry – reaching US$1.2 billion in export value, up by 29.5% over the same period of last year. This figure shows a positive sign to fulfill the target with total export revenue of over US$8.5 set by MARD.

Most of aquatic products performed well in terms of export value. In January, sea bass achieved the highest growth with total export revenue of US$106 million, up 24% y-o-y. Tuna ranked second with US$41 million, up by 21%; followed by pangasius up by 19% (US$142 million), shrimp up by 7% (US$213 million), crabs and other crustaceans increased by 7%, squid and octopus by 5%.

The US, Japan, China and the Republic of Korea were the biggest importers in January, making up 50.9% of the country’s total seafood exports.

Vietnam also has a chance to speed up its export revenue as Australia is considering to import “made-in-Vietnam” fresh shrimp. This constitutes a brilliant opportunity for the shrimp sector as shrimp is consumed most among seafood products in Australia with up to 50,000-60,000 tons per year. Strict regulations, especially those on disease control and biological safety, can make it difficult for Vietnamese shrimp to enter the market. However, that Vietnam could become the first exporter of fresh shrimp to Australia will help businesses increase exports to other markets.

In February, Vietnam imported US$97 million of aquatic products, bringing the total import value of the first 2 months to US$270 million, an increase of 33.1% year over year.

 
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