Aquatic exports recover, expected to reach US$8.3 billion in 2020

Wednesday, 2020-08-26 17:27:52
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VASEP forecasts that aquatic exports will gradually revive in the third and fourth quarter of this year to reach US$8.3 billion in 2020. (Illustrative image)
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NDO – The export of aquatic products has shown signs of recovery in the third quarter of this year and export revenue thereof is anticipated to reach US$8.26-US$8.3 billion by the end of 2020, according to the Association of Seafood Exporters and Producers (VASEP).

Vietnam’s aquatic export revenue was US$796.3 million in July, up 0.8% over the same month in 2019 and 0.3% over the previous month, according to the General Department of Vietnam Customs.

However, aquatic export revenue in the first seven months of this year only reached US$4.4 billion, down 6% over the same period in 2019.

The US continues to be a big potential market for Vietnamese aquatic products as export revenue to the US was reported at US$184.35 million in July, an increase of 20.8% over the same month in 2019.

Aquatic exports to the EU market have shown signs of recovery as export revenue in July only decreased by 2.3% over the same month in 2019 while the reduction in the previous months was over 18%.

VASEP said that as the COVID-19 pandemic continues to develop in a complicated manner across the world it has affected Vietnam’s export of aquatic products in the second quarter of this year.

However, the association forecasts that aquatic exports will gradually revive in the third and fourth quarter of this year to reach US$8.3 billion, down 3.8% over 2019.

Another optimistic sign for aquatic exports is that retail sales of aquatic products in the world market have remained stable with an increasing demand for frozen, canned, chilled, and smoked aquatic products.

The effectiveness of the EU-Vietnam Free Trade Agreement (EVFTA), active since August 1, is also expected to be a boost for Vietnamese aquatic exports during the remaining months of this year, particularly in relation to frozen tiger shrimp, white leg shrimp and processed octopus.