June 29, 2009

Vietnam's Ministry of Agriculture and Rural Development (MARD) said the country's seafood export value is expected to go down 11 percent year-on-year to US$1.7 billion in the first half of this year.

The Vietnam News Agency quoted the ministry as saying that the country is expected to earn US$320 million US dollars from seafood exports in June.

The European Union (EU) remains Vietnam's largest seafood importer with an estimated US$357 million dollars in the early months, accounting for more than 26 percent of total seafood export value. Japan comes second on the list of Vietnam's biggest importer, according to the report.

Tra and basa fish, the country's leading seafood products, spearheaded the EU market while shrimps are exported mainly to Japan.

According to MARD, fishermen have enjoyed favourable weather conditions and high prices in the first months of this year. However, prices of some seafood products have fallen due to the impact of the global economic crisis.

The ministry forecasts that the sector will continue facing difficulties in terms of outlets and production materials. Therefore, this year's export value target is likely to plummet by 15 to 20 percent.

The country earned US$4.5 billion from seafood exports last year.