January 6, 2020

Vietnam's 2019 aquaculture exports down 2.3%

The export value of Vietnam's aquatic products in 2019 of US$8.6 billion represents a 2.3% reduction from 2018, according to official sources.

The Association of Processors and Exporters (VASEP) adds that shrimp exports amounted to US$3.38 billion, 5% less than the previous year.

Experts attribute the fall to the great changes in the sector in the first half of 2019, such as the large amount of idle products from abundant supplies, which lowers the price of exportable shrimp.

In addition, the excess supply of Tra (Pangasius) fish also led to a price decline. Official quotes indicate that shipments to the United States in 2019 suffered a sharp fall of 49%, recording only US$282 million.

The former president of VASEP Ho Quoc Luc explains that the scenarios are due to the expansion of shrimp farming by India and Ecuador for supplies to the global market. China also increased the area dedicated to the breeding of Tra fish.

Nearly all key markets for Vietnamese shrimp such as Europe, Japan, South Korea and the Association of Southeast Asian Nations reported price dips in the first half of 2019, except for the United States, China and Australia.

However, seafood exports in 2019 rose 8% to more than US$3.2 billion compared to 2018.

The Ministry of Agriculture and Rural Development has made recommendations and adopted several actions aimed at supporting the sector. In turn, representatives of the Fisheries Directorate recommended paying attention to technological improvements in fishing and processing.

Source: fis.com