Vietnam saw the value of its seafood exports shrink significantly in March due to the impacts of the COVID-19 outbreak, according to latest data from Vietnam Association of Seafood Exporters and Producers (VASEP).
The country shipped out seafood worth an estimated USD 549.1 million (EUR 505 million), down 19.6 percent year-on-year, with the value of those shipments falling in most key markets. Japan was the top destination for seafood from Vietnam, with sales value of USD 103 million (EUR 94.8 million), 18.9 percent lower year-on-year. Japan was followed by the United States, with USD 95.9 million (EUR 88.2 million), declining 8.6 percent from a year ago. The European Union (excluding the United Kingdom) received USD 68.3 million (EUR 62.8 million) worth of seafood from Vietnam, down 40.1 percent year-on-year. China (including Hong Kong) took in USD 66.4 million (EUR 61 million) worth of Vietnamese seafood, a drop of 25.1 percent year-on-year. Australia, the U.K., and Russia were the only three markets that saw positive growth in export value in March, the data showed.
VASEP said sales to the U.S. did not decline as sharply as other markets because seafood products from Vietnam still found a way into U.S. retail centers in the month. Meanwhile, though demand from China began to rise, orders from the world’s most populous country remained limited in March, VASEP said.
Vietnam’s seafood export value crashed 14.2 percent to USD 1.54 billion (EUR 1.42 billion) in the first quarter of 2020, with Japan, U.S., E.U. (excluding U.K.) and China (including Hong Kong) being main markets.
In March, the country exported shrimp worth USD 207.7 million (EUR 191 million), down 14.9 percent from the same month last year. The export value of pangasius also fell 29.2 percent year-on-year to nearly USD 115 million (EUR 105.8 million) while the sales value of tuna plunged 29.5 percent to USD 46.8 million (EUR 43 million).
From January through March, Vietnam exported USD 591 million (EUR 543.7 million) worth of shrimp, 4.3 percent lower year-on-year, followed by pangasius with USD 325.3 million (EUR 299.3 million), down 31.1 percent year-on-year, and tuna with USD 141.3 million (EUR 130 million), contracting 13.5 percent year-on-year.
VASEP forecasted that exports are not likely to recover for the next few months as customers postpone or cancel orders due to the spread of COVID-19 in many of the country’s export markets.
Photo courtesy of Viet Australia Seafood Joint Stock Company
