March 30, 2009

Vietnam General Statistics Office estimates the value of seafood exports for the first quarter at US$714 million - 10.4 percent less than the first three months of last year.

The value of the exports for March was put at US$270 million to US$20 million higher than February.

The office attributes the first-quarter decline to falling demand from such traditional markets as Japan, the US and the EU.

But demand from new markets has increased, the office saIs.

These have been found in other Asian countries and have limited the decline, it says.

Although shrimp exports to such major markets as the US and the EU have declined, sales to China have increased sharply and the country is now Vietnam's fourth largest customer.

The Vietnam Association of Seafood Exporters and Producers reports that shrimp exports to China have increased 110 percent in volume and 90 percent in value against the first three months of last year. Exports totalled 1,000 tonnes for $12 million.

Favourable geography and customer preference is thought to make China a high-potential market for Vietnam's shrimp.

But association deputy chairman and Minh Phu Seafood Joint Stock Company general director Le Van Quang warned that apart from China, Vietnam's shrimp exports to other primary markets were likely to fall.

This year's exports were forecast to decline 30 percent against last year, he said.

The association has warned that this year's target of US$4 billion in export revenue is unlikely to be met but instead fall 15 to 20 percent from last year's total of US$4.27 billion.