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VASEP forecasts 2020 seafood exports at US$8.6 billion

The Vietnam Association of Seafood Exporters and Producers (VASEP) expects that Vietnam will be able to export seafood worth US$8.6 billion this year thanks to a high demand at the end of the year.

 

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Workers of the Minh Phu Seafood Corporation process shrimp at a plant of the firm at Nam Song Hau Industrial Park in Hau Giang Province. VASEP forecasts that Vietnam will be able to export seafood worth US$8.6 billion this year – Photo: VNA

According to the association’s statistics, the country’s seafood exports constantly tumbled in the first half of the year due to the impact of Covid-19 and started recovering in July, the local media reported.

The country reported a 10% year-on-year increase in seafood exports in September, 12% in October and 13% in November.

Thanks to this recovery, Vietnam had earned more than US$7.8 billion from seafood exports as of the end of November.

Shrimp is a key export earner with a double-digit growth rate since June and a surge of 25% in September and October and 28% in November. The revenue from shrimp exports amounted to US$3.5 billion in the 11-month period, up nearly 14% year-on-year.

If the situation is maintained, Vietnam can generate some US$3.85 billion from shrimp exports this year.

As for tra fish, its export turnover plunged 17%-35% from March to September and bounced back in the next two months, sending the total tra fish export revenue in January-November to US$1.34 billion, down 24% from the same period last year. The figures are expected to hit US$1.54 billion and 23%, respectively, versus last year.

Vietnam may record a tuna export revenue of US$720 million this year, while squids and octopus are expected to bring back US$565 million.

The major importing markets of Vietnam’s seafood, including the United States, the European Union and China, posted a respective growth of 25%, 30% and 15% last month.

For the whole year, the revenue from seafood exports stateside may reach US$1.65 billion, up 12% over last year. Meanwhile, the revenue from the European Union was estimated at US$992 million, down 2.4% against 2019, and China with US$1.48 billion, up 5%.

However, China has tightened control over seafood imports since mid-November due to fears over the spread of Covid-19, so seafood exports to this market will grow slower in the last month.  SGT

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