Vietnam’s aquatic exports spiked 40% year-on-year to reach nearly 5.8 billion USD in the first half of 2022, the Vietnamese Association of Seafood Exporters and Producers (VASEP) has reported.
Frozen shrimp production at a factory in the Mekong Delta province of Hau Giang. (Photo: VNA)
HCM City (VNA) – Vietnam’s aquatic exports spiked40% year-on-year to reach nearly 5.8 billion USD in the first half of 2022, theVietnamese Association of Seafood Exporters and Producers (VASEP) has reported.
The country earned more than 3.2 billion USD from aquatic exportsin the second quarter of 2022, an increase of 36% from the same period lastyear.
According to VASEP, shipments of shrimp picked up 7% – aquite modest pace – to total 450 million USD as a result of input shortages. Though,the sector experienced a strong growth of 33% in H1 to bring home 2.3 billionUSD, accounting for 40% of the total seafood exports.
Several producers have raised the shipments of highvalue-added processed shrimp products, instead of raw ones, to major marketslike Japan, the US and the EU as a way to address input shortages.
Exports of lobster posted a record-high 30-fold surge year-on-yearto 130 million USD.
High inflation coupled with the Russia-Ukraine crisis havebrought big opportunity for tra fish from Vietnam this year. Sanctions onimports of Russian-caught whitefish in response to its conflict with Ukraine havecaused severe shortages on the global market, especially the EU, the US and theUK, whose imports mainly sourced from Russia, according to Le Hang, Director ofthe VASEP Training and Trade Promotion Centre (VASEP Pro).
Many restaurants in these countries have had to exclude whitefish,like cod, from their menus and seek for alternatives. Thanks to that,Vietnamese tra fish had opportunities to gain a larger market share aftermonths of struggle, Hang said.
In June, Vietnam exported close to 220 million USD worth oftra fish, up 54% year-on-year. The figure soared 83% in H1 to hit 1.4 billionUSD, representing one-fourth of the total exports. Shipments to the UK enjoyedan exaggerate six-fold rise from the same period last year, followed by Spain(three-fold increase).
The tuna sector earned some 553 million USD in exportturnover during the period, up 56 percent year-on-year. The US remained Vietnam’slargest buyer of tuna that imported over half of the Vietnamese shipments.
VASEP anticipated that aquatic exports will be likely toreach 10 billion USD this year, up about 12% from 2021./.
Total foreign trade in agricultural, forestry and aquatic products hit some 31.8 billion USD in the first four months of 2022, an increase of 7 percent against the same period last year, according to the Ministry of Agriculture and Rural Development.
Vietnam earned 3.57 billion USD from aquatic exports in the first four months of 2022, posting a year-on-year increase of 43.7 percent, according to the Ministry of Agriculture and Rural Development.
The exports of aquatic products are expected to fetch 2.8-3 billion USD in the second quarter, a year-on-year increase of 36-38 percent, thanks to the strong growth of key products, according to Le Hang, deputy director of the Vietnam Association of Seafood Exporters and Producers (VASEP)’s Training and Trade Promotion Centre.
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Frozen shrimp production at a factory in the Mekong Delta province of Hau Giang. (Photo: VNA)
