Monday, July 22, 2024

Moderate growth is expected in Vietnam’s aquaculture exports

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Despite facing challenges such as harsh climatic conditions, competitive pressures on export prices, high input costs and material shortages, revenues in this period will reach $4.4 billion, the entity expected.

As of the end of last May, foreign sales of Vietnamese aquatic products totaled about 3.6 billion US dollars, representing an increase of 6.5 percentage points compared to the same period in 2023.

According to FASEB, the main receiving markets are showing signs of recovery in both demand and prices, as the growth of their imports last May ranged between 5 and 26 percent.

At the end of the same month, the United States remained the largest importer of Vietnamese aquaculture products, with a growth rate of 13 percentage points and purchases worth $635 million.

From generating $1 billion in revenue in 1999 to date, Vietnam has reached a foreign turnover of $10 billion and, along with China and Norway, is among the top three exporters of aquatic products worldwide.

Vietnam currently sends products in this category to about 170 markets, including the largest and most demanding markets such as the European Union, the United States, Japan, Australia and the United Kingdom.

The value of foreign sales of aquaculture products places the industry among the top 10 export sectors in Indochina.

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