Seafood export dropped by 10% in the first half

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According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the unabated Covid-19 epidemic in the world continues to affect Vietnam’s seafood exports to markets in the second quarter. In June alone, the country’s seafood export continued to decline by 10% over the same period, estimated at US $ 626 million.

In the first 6 months of the year, export turnover of the whole country was estimated at over US $ 3.5 billion, down 10% compared to the same period in 2019. Of which, Pangasius fell the deepest with 31%, tuna and white squid reduced by 20%, other types of sea fish decreased slightly by 2%. Only shrimp exports kept a rise of nearly 3%.


Export sales of fishery products. Source: VASEP.

The Covid 19 epidemic has led to a reduction in seafood consumption, a change in the trend, orders from 35 to 50%. In addition to the social gap, domestic production and international trade stalled, enterprises lacked raw materials for processing, transportation and payment, and capital was insufficient to maintain and restore operations.

Regarding the market, by the end of June, seafood export to Europe (EU) dropped the most with 35%, to the US, down 6%, to ASEAN, down 17%, to Korea, down 9%, and China, respectively. 3% and go to Japan 5%. Only a few markets have increased slightly, the UK and Canada but only account for a small proportion of the country’s total exports.

Vasep said that in the next few months, seafood trade on the world market will not show any optimism when the Covid epidemic broke out for the second time in many countries. China tightened inspection of imported goods, making Vietnam’s seafood export (shrimp, pangasius) to this market also slowed down and prices dropped.

However, the seafood industry also has optimistic signals when retail sales in the world market remain stable or increase for frozen and canned seafood. The trend of e-payment and online retail will partially offset the decline in demand in the market. In addition, the EVFTA agreement, which takes effect from August 1, may be a “push” for the industry in the last months of the year, especially products from shrimp, octopus squid, bivalve molluscs.