Vietnam’s seafood export value rises 22 percent in April

Following the increase in March, Vietnam continued to boost its value of seafood exports in April, with sales to most major markets on the rise, according to the latest customs data.

The country shipped seafood worth USD 750.1 million (EUR 619.5 million) in the month, 21.8 percent higher year-on-year.

The United States was the largest destination in value terms in April, purchasing seafood worth USD 148.9 million (EUR 123 million), jumping 63.6 percent year-on-year. Japan was the second largest buyer with USD 122.3 million (EUR 101 million), up 1 percent from a year earlier; followed by China (excluding Hong Kong) with USD 92.2 million (EUR 76.1 million), a decline of 15.7 percent year-on-year; and South Korea with USD 66.8 million (EUR 55.2 million), up 6.9 percent.

Vietnam’s seafood export value surged 10.5 percent to USD 2.48 billion (EUR 2.05 billion) in the first four months.

Top buyers in the period included: the U.S. with the export value of USD 483.8 million (EUR 400 million), up 28.2 percent year-on-year; Japan with USD 429.3 million (EUR 354.6 million), down 1.2 percent from last year; China with USD 253.4 million (EUR 209.3 million), up 2.9 percent; and South Korea with USD 228 million (EUR 188.3 million), up 5.4 percent from a year ago. Japan was the only market out of the top four destinations that witnessed the drop in sales.

The outbreak of COVID-19 in Asia is affecting exports, which have already been hit by the container shortage and rising shipping costs, Vietnam Association of Seafood Exporters and Producers (VASEP) said on 13 May. VASEP forecasts seafood exports from Vietnam to China, Japan, South Korea, and Thailand may be affected in the second quarter.

However, the worsening pandemic in India may create an opportunity for other exporters like Vietnam to increase sales of shrimp and other seafood species, VASEP said.

The Vietnamese trade group expects Vietnam’s seafood export value to surge 10 percent year-on-year to more than USD 2.1 billion (EUR 1.7 billion) in the second quarter, with the projected increases seen in sales of almost all seafood export products.

Photo courtesy of Aleksandar Todorovic/Shutterstock