Vietnam’s fisheries exports reach 1.85 billion USD in Q1

Fisheries export value was estimated at 1.85 billion USD in the first quarter of this year, a decline of 27% compared to the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Accordingly, in the first three months of this year, shrimp exports earned 577 million USD, a year-on-year decrease of 40%, while the export of tra and tuna fish brought home 447 million USD and 179 million USD, down 32% and 31%, respectively.

According to VASEP communications director Le Hang, the decline in fisheries exports in Q1 is due to lower consumption and import demand, under the impacts of inflation and economic recession.

It is forecasted that aquatic product exports will bounce back from Q2, after several international programmes were held in the US and EU, helping to attract more buyers, she noted.

Regarding markets, Hang said that China will become Vietnam’s biggest seafood importer, but there will be great pressure from other competitors in this huge market.

Previously, the US always held the position of Vietnam’s largest seafood export market, however, exports to the US tended to decline from the last quarter of 2022 and continued to decline deeply in the first months of this year.