Vietnam is unlikely to achieve its target of USD 10 billion (EUR 8.64 billion) of seafood export value this year due mainly to lower shrimp prices, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
The country earned USD 809 million (EUR 699 million) from exports of seafood products in August 2018, falling 4 percent from a year earlier. The decline mostly was attributed to the decrease in shrimp exports, which fell 17 percent to USD 346 million (EUR 299 million) in the month.
Shrimp prices began sliding significantly in the second quarter and continued in the third quarter, the result of overproduction and commercial and technical barriers in Vietnam’s major markets, VASEP said.
Vietnam exported seafood products worth USD 5.5 billion (EUR 4.72 billion) in the first eight months of this year, up 5 percent year-on-year, according to VASEP, while Vietnam exported shrimp worth USD 2.3 billion (EUR 1.99 billion), down 3 percent year-on-year.
Between January and August 2018, Vietnam’s shrimp exports to the European Union dropped 14.6 percent year-on-year to USD 74 million (EUR 63.9 million) in July, following surges in the first half. The value from sales to China in July also fell 47 percent year-on-year, followed by the United States with 18 percent and Japan 15 percent.
Vietnam expects to pull in USD 3.8 billion (EUR 3.28 billion) from shrimp exports this year, almost on par with 2017, VASEP said. That is based on the expectation that shrimp increase slightly through the remaining four months of 2018, according to the organization.
Vietnam’s August exports of squid and octopus also declined in value to USD 60.9 million (EUR 52.6 million), a 12 percent decline. The products’ export value in the first eight months was USD 413.7 million (EUR 357.2 million), up 3 percent from 2017.
Meanwhile, the export value of pangasius continued to soar, up 25 percent year-on-year to USD 195 million (EUR 168.4 million) in August. From January through August, the country exported USD 1.39 billion (EUR 1.2 billion) worth of pangasius, up 20 percent from a year ago, according to VASEP.
