MARKET ANALYSIS
 
  

Vietnam seafood exports in 2016 meet target

 

Vietnamese seafood exports in 2016 met the target of US$7.05 billion, representing a 7.3% increase over 2015, despite the fisheries sector experiencing difficulties in sourcing raw materials due to drought, salinity and the trade barriers including anti-dumping tariff in the US market.

 

The exports of main products achieved positive growths, as shrimp exports reached $3.1 billion and pangasius $1.7 billion. Cephalopod exports rose slightly by 2.3% to $439 million.

 

Except for Canada and Brazil, exports to the top 10 major markets registered positive growths, with Russia having the strongest rate of 122%. Exports to China grew by nearly 40%.

 

Despite the anti-dumping tariff on shrimp and pangasius, exports to the US maintained the growth of 10% in 2016, thanks to increased average import price. Competitive pressure, the anti-dumping tariff and technical barriers would, however, make exports to the US this year difficult to maintain.

 

Exports to the EU and Japan recovered slightly by 3.7% and 5.9%, respectively, and in 2017 it's expected to continue rising, though at lower levels than 2016.

 
 
Source: Vietnam Association of Seafood Exporters and Producers