October 17, 2008

Vietnam's seafood exports to US regain momentum

Vietnam's seafood exports to the US have rebounded with a yearly increase of 75 percent in revenues in September, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).


The September gain helped offset the drop during the first eight months of 2008 and brought a 1.5-percent growth for the nine-month period.


The seafood sector earned US$534.5 million from the US market from January-September, including US$100.7 million in September.


The gloomy US economy, weaker purchasing power and the depreciation of the US dollar were said to be the cause of lesser Vietnamese seafood imports early this year, in addition to the US' anti-dumping tariffs on several Vietnamese seafood products.


Vietnamese producers and exporters also suffered from fluctuating foreign exchange rates and capital shortage.


VASEP said US importers were not discouraged from buying Vietnamese seafood despite the US Department of Commerce postponing to March 2009 the announcement of administrative review results on anti-dumping duties against Vietnamese shrimp imports, instead of late October this year as planned.


VASEP expects Vietnam's seafood industry to earn US$850 million from its exports to the US this year.


In addition, the US International Trade Committee has voted for a five-year administrative review of its anti-dumping tariffs on Vietnam's catfish fillets before deciding to lift them or not.

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