October 29, 2007

 

Vietnam's January- October seafood exports may have surpassed US$3 billion

 

 

Vietnam is estimated to have exported more than US$3 billion worth of seafood products in the first ten months of 2007, according to media reports.

 

In October, the country earned US$291 million from seafood exports, down by 22 percent on month, state-run VietnamNet and Investment reported.

 

Between January and September, Vietnam has exported US$2.709 billion worth 661,000 tonnes of seafood to 135 countries and territories worldwide, up 13.8 percent on year in terms of volume and 13 percent in terms of value.

 

According to the Vietnam Association of Seafood Exporters and Producers the EU is the biggest importers of Vietnamese seafood with total imports value of US$660 million, or 24.4 percent, making on year rise of more than 30 percent.

 

The region was also the largest consumer of Vietnamese tra catfish and tuna products with import revenues of US$348 million and US$39 million, respectively.

 

VASEP sees that seafood export to EU market will remain strong because of the bloc's decreasing aquatic product output.

 

From January and September, the US imported US$526.6 million worth of seafood products, accounting for 19.4 percent of Vietnam's total volume, remaining the second largest importer with, up only 8.8 percent on year. The US is the biggest consumer of Vietnamese shrimp now.

 

Vietnam shipped US$525.6 million worth seafood exports to Japan, down 12.2 percent on year. Japan is the third biggest importer and accounted for 19.4 percent of the country's total exports.

 

VASEP said stricter foods safety and hygiene standards imposed by Japan is the key reason for the drop, and Japanese importers were seeking for other sources like Thailand, India and Indonesia.

 

Meanwhile, Vietnamese seafood exporters are getting a steady 20 percent monthly share of Korean market. In the first nine months, South Korea imported US$180 million seafood from Vietnam, up 27.3 percent on year and accounting for 6.7 percent.

 

Russia emerged as a high potential buyer of Vietnamese seafood since last year but the change in Russian regulations slowed down exports. The shipments are expected to recover next month as Russian inspections expressed satisfaction with Vietnam's aquaculture and seafood processing facilities after three tours so far this year.

 

VASEP says Vietnam's target revenue of US$3.6 billion from seafood exports this year is attainable.