Tuesday, 15 Aug 2023
HANOI: Vietnam is expected to see a decline in seafood exports this year, although market prospects are better than last year’s, according to the country’s Association of Seafood Exporters and Producers (Vasep).
In the best scenario, with a recovery of the market and a stable supply of raw materials, seafood exports in the remaining five months of 2023 may reach over US$4bil, bringing the total value for the year to US$9bil.
However, this is a decline of 15% to 16% compared to 2022.
The export value is forecast to plunge by 28% for pangasius to US$1.7bil to US$1.8bil and by 16% to 18% for prawns to about US$3.5bil to US$3.6bil.
Exports of tuna, squid and octopus will decrease by 14% to 15% to US$870mil and US$650mil, respectively.
According to Vasep communications director Le Hang, seafood exports are expected to recover as the economic performance of major markets is forecast to become more positive in the second half of the year, while the import demand of markets such as the United States and China is expected to increase again.
Those markets have lower inventory and are stocking up supplies for their end of the year festivities and the New Year.
Companies and the seafood supply chains are supported in terms of capital in a timely manner, as well as production and business conditions, to maintain a stable supply of raw materials for export contracts in the future, Hang said.
Meanwhile, Vietnam’s export seafood products have a stable supply and competitive prices compared to other countries, she said. — Viet Nam News/ANN
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