Vietnam earned more than USD 111 million (EUR 109.5 million) from crab exports between 1 January and 15 July, up 41 percent year-on-year, with the U.S. and China being the main destinations, according to data from the Vietnam Association of Seafood Exporters and Producers (VASEP).
Sales to the U.S. in the period reached USD 38 million (EUR 37.5 million), an increase of 27 percent year-on-year. The reopening of the U.S. economy has helped drive up demand of seafood products, including crab, VASEP said. However, the high inflation in the country has negatively affected seafood consumption, with crab sales being hurt from the end of the second quarter.
The value of crab exports from Vietnam to China also grew 76 percent year-on-year to USD 37 million (EUR 36.5 million) over 1 January-15 July. But VASEP noted that the growth of sales to China in the second quarter has slowed compared to the first three months.
Japan was the third largest market for crab from Vietnam, purchasing the products worth USD 24 million (EUR 23.7 million) in the period, up 51 percent year-on-year. Over April-June, sales rose 64 percent year-on-year to nearly USD 15 million (EUR 14.8 million). Japan was the largest buyer of crab from Vietnam within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), where it and Vietnam are members.
Meanwhile, exports to Canada and Australia, the other members in the CPTPP, were on the decline. The pact includes Australia, Canada, Japan, New Zealand, Singapore, Mexico, Vietnam, Peru, Chile, Brunei, and Malaysia.
Exports of crab from Vietnam to France also increased 60 percent year-on-year to more than USD 3 million (EUR 2.9 million) in the period spanning 1 January to 15 July, as Vietnam looked to ship more crab to other promising markets within the E.U. such as Belgium and the Netherlands.
Together, sales to the U.S., China, Japan and France accounted for more than 92 percent of the total crab export value of Vietnam in the period, VASEP said.
Photo courtesy of NOPPHARAT539/Shutterstock
