Vietnam has seen its seafood export values rising following a recent rebound in shrimp prices.
The value of the Southeast Asian country’s seafood exports totaled USD 793 million (EUR 683 million) in July 2018, up seven percent from a year ago. The total was higher than the average growth of 5.7 percent in the second quarter of this year, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
The higher growth rate was attributed to a rise in shrimp export value, which surged seven percent year-on-year to USD 348 million (EUR 300 million) in July due to an increase in shrimp prices.
The jump in prices was not enough to make up for the damage done by very low shrimp prices earlier in 2018. The weak shrimp market drove down the country’s shrimp export value by 4.9 percent year-on-year to USD 893 million (EUR 768.6 million) in the second quarter of this year, VASEP said.
Between January and July, Vietnam exported shrimp products worth nearly USD 2 billion (EUR 1.72 billion), up 5.5 percent from a year ago, including USD 1.4 billion (EUR 1.2 billion) from exports of whiteleg shrimp – up 10 percent – and USD 474 million (EUR 408 million) from exports of tiger prawns – down four percent.
VASEP forecasts that shrimp prices will continue to increase from September and October 2018 as market demand is on the rise while supply is tightening. Major harvesting seasons in India, Bangladesh, and Thailand are expected to be over in the third and fourth quarters of this year, giving Vietnamese producers who harvest later an opportunity to reach a hungrier market. In addition, a number of Vietnamese exporters have already secured major agreements to supply shrimp for year-end festivals in many countries.
In the first seven months, Vietnam exported seafood products worth USD 4.78 billion (EUR 4.11 billion), up 8.5 percent from 2017, driven by the higher export value of shrimp, pangasius, and tuna.
Photo courtesy of VNExpress
