VIETNAM - Despite problems with drought and salinity in the first half of 2016, Vietnam’s seafood export turnover in the second quarter of 2016 registered growth of 2.1 per cent after the advance of 6.4 per cent in the first quarter.
With export result of US$1.45 billion in Q1 and US$1.69 billion in Q2, Vietnam’s total seafood exports in the first six months of 2016 hit US$3.15 billion, up 4 per cent year on year, reports VASEP.
After the growth of 8 per cent in Q1/2016, shrimp exports in Q2/2016 only rose 2.3 per cent due to shortage of domestic raw materials.
Sales of pangasius and tuna witnessed the respective surge of 8 per cent and 4.8 per cent in Q2/2016 after the rise of 2.4 per cent of pangasius and the slump of 5.5 per cent of tuna in Q1/2016.
In Q2/2016, except for the decline of 12.4 per cent in cephalopod exports (Q1/2016: - 4.8 per cent), exports of other marine products tended to report year-on-year growth.
Demand from the US remained stable and so exports reported positive growth of 11 per cent.
Growth of 43 per cent was seen in exports to China.
Exports to some major markets like EU, ASEAN, Australia also recovered. The recovery helped to compensate for the slight reduction of three per cent in exports to Japan and one per cent in exports to South Korea and contributed into the positive growth of Vietnam seafood revenue in the first half of the year.
Seafood demand from markets is expected to remain stable or better in the second half of the year.
However, exports of key farmed items (shrimp and pangasius) may be affected due to shortage of raw material in the late year. Lack of raw material also affects export turnover of marine products.
Vietnam seafood exporters can raise their revenue by using the domestic supply of raw materials and supply imported for processing and exporting.
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TheFishSite News Desk