Aquatic product exporters hope for recovery in remaining months
Despite a downward trend in aquatic product exports in the first half of 2023, the lower pace of month-on-month decline is giving hopes for a recovery in the remaining months of this year.
HCMCity (VNA) – Despite a downward trend in aquatic product exports in thefirst half of 2023, the lower pace of month-on-month decline is giving hopesfor a recovery in the remaining months of this year.
InJune, aquatic product exports brought home nearly 800 million USD, down 21%. Ofwhich, shrimp exports posted a turnover of 341 million USD, down 18% year onyear, marking the lowest decline since the beginning of this year,reported the Vietnam Association of Seafood Exporters and Producers(VASEP).
Theexport value of aquatic products hit nearly 4.2 billion USD in the first halfof 2023, down over 27% year-on-year.
VASEP'sCommunication Director Le Hang attributed the decrease to weak market demandand hikes in the prices of feed, fries and other input expenses, leading tohigher production costs. Despite lower selling prices, it remains difficult tofind buyers, resulting in increased inventory and escalating costs.
Shesaid inflation in many markets has shown no signs of cooling down, which ishindering the recovery of seafood consumption and imports in the US, the EU,and other regions.
However,several markets like Japan, the Republic of Korea and Australia are stillconsidered promising for Vietnam's products of strength, particularly highvalue-added processed aquatic products. Some Southeast Asian markets are alsoseen as potential due to their stable economies, lower inflation, andgeographical advantages, along with tariff benefits from free trade agreements.
Regarding support for enterprises, VASEP recently suggested the Government andrelevant ministries and agencies consider reducing lending rates, especiallythose denominated in the US dollar; extending the maturity of loans andcontinuing to provide credit lines to enable businesses to maintain thecollection of raw materials from farmers and fishermen, as well as processingand storing goods for export in the upcoming quarters.
VASEPalso proposed tax authorities expedite the process of VAT refund for exportedgoods and services, extend the policies on tax exemption and reduction,including land rent and various fees until the end of 2023๊ to alleviatefinancial pressures and help businesses overcome the currentdifficulties./.
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Illustrative image (Photo: VNA) 
