Vietnam saw the value of its exports of shrimp, pangasius, squid, and octopus to the European Union increased in August as their new free trade agreement went into effect.
The country exported shrimp worth USD 58.8 million (EUR 50 million) to the bloc in August, up 8.6 percent from July and rising 15.7 percent year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Its export value of pangasius to the E.U. in August also grew 4 percent from July to USD 10.1 million (EUR 8.6 million), but it was down by 23.8 percent from August 2019.
Vietnam’s exports of squid and octopus to the bloc in the month were USD 5.8 million (EUR 4.9 million) in value, up 23.9 percent compared to July and 10.1 percent higher year-on-year.
VASEP attributed these increases to the positive impacts of the European Union-Vietnam Free Trade Agreement (EVFTA), which entered into force from the beginning of August.
However, the value of Vietnam’s seafood sales to the E.U. declined 0.2 percent compared to July to USD 97.9 million (EUR 83.3 million), as sales of tuna dropped 27.9 percent month-on-month to USD 11.34 million (EUR 9.7 million) and the export value of other wild-catch seafood (excluding squid and octopus) dropped 13.9 percent month-on-month to USD 11.82 million (EUR 10 million).
In the first eight months, Vietnam exported seafood worth USD 600.7 million (EUR 511.5 million) to the E.U., falling 13.3 percent, with the declines seen in all species, including shrimp with USD 313.7 million (EUR 267.2 million), down 2.1 percent; pangasius with USD 89.92 million (EUR 76.6 million), 34.2 percent lower year-on-year; tuna with USD 83.83 million (EUR 71.4 million), sliding 8.7 percent; squid and octopus with USD 28 million (EUR 23.8 million), down 37.3 percent; and other wild-catch seafood with USD 85.2 million (EUR 72.6 million), down 14.1 percent year-on-year.
The year-on-year exports of shrimp and squid and octopus to the bloc are expected to continue growing while sales of pangasius and tuna are unlikely to increase in the remaining months of this year, VASEP said.
Photo courtesy of the Vietnam Association of Seafood Exporters and Producers
