Aquatic exports down 10% in June

Vietnamese aquatic exports raked in US$626 million in June, representing an annual decline of 10% with the drop largely caused by the negative impact of the novel coronavirus (COVID-19), according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The opening six months of the year saw the country record an aquatic export turnover of over US$3.5 billion, a decline of 10% on-year.

Of the figure, tra fish exports suffered a sharp decline of 31% compared to the same period from last year, while export turnover of tuna fish and octopus also were hit by a 20% fall, with other fish experiencing a downward trend of 2%. In contrast, shrimp exports enjoyed a slight increase of 3%.

According to the VASEP, the global aquatic sector has been badly affected by the COVID-19 epidemic due to a decrease in aquatic product consumption, leading to plenty of enterprises facing widespread shortages in terms of orders.

Moreover, with exports to China and the Republic of Korea plunging in the first two months of the year, the spread of the COVID-19 can be considered the primary factor. Despite a slowdown in the number of new cases of infection in China, the beginning of the outbreak in Europe and the United States has badly affected aquatic exports.

By the end of June, Vietnam’s aquatic exports to the EU had suffered a sharp decline of 35% with exports to the US recording a drop of 6%, a fall of 17% to ASEAN countries, a 9% decline to the Republic of Korea, a 3% decrease to China, and a drop of 5% to Japan.

In outlining the current scenario, the VASEP predicted that the aquatic export sector has yet to show any signs of a comeback in the coming months, while the COVID-19 epidemic has seen the second wave hit major markets such as the US, EU, and China.

Despite these drawbacks, the VASEP said there remains positive signs for exports due to the retail sale of frozen, canned, marinated, and smoked aquatic products in the world market remaining stable.

Aquatic product trading globally has suffered a slow down due to interrupted transportation, however, the trend of e-commerce and online shopping has partly offset the decline in the market.

Elsewhere, the country’s aquatic sector is set to enjoy the most benefits from the impending EU-Vietnam Free Trade Agreement which will take effect on August 1.