April 10, 2012

Vietnam's 2012 seafood exports forecast to increase to US$6.4 billion

Vietnam's 2012 seafood export revenue forecast has been revised by the Ministry of Agriculture and Rural Development to rise to US$6.4 billion, from its previous projection of US$6.3 billion it made a month earlier.

The revision was made on expectation that the world's seafood supply will decrease as a result of widespread diseases on shrimp farms in Thailand, China and Indonesia. Shrimp supplies in the US, EU and Japan are also predicted to fall.

Vietnam's General Department of Customs said that the country earned US$422 million from exporting seafood in February, raising the seafood export revenues in the first two months up 14% on year to US$775 million.

Meanwhile, prices of seafood material are continuing decrease trend in southern provinces, said the Vietnam Association of Seafood Exporters and Producers (VASEP).

Prices of spawn shrimp decreased by VND10,000-15,000 (US$0.48-0.72) per kilogramme while prices of green-leg shrimp fell by VND5,000-10,000 (US$0.24-0.48) per kilogramme, VASEP said.

Prices of pangasius fish also decreased by VND200-500 (US$0.01-0.02) from last week to VND23,000-24,000 (US$1.11-1.16) per kilogramme.