Aquatic exports forecast to rise to US$8.5 bln next year

Vietnam’s aquatic product exports are forecast to hit US$8.5 billion next year, up nearly 3% from 2017, according to the Vietnam Association of Seafood Exporters and Processors (VASEP).

This year’s figure is estimated at more than US$8.3 billion, representing a year-on-year increase of 19%.

According to the VASEP, the EU has replaced the US as the top importer of Vietnam’s aquatic products, trailed by the US, Japan and China. 

Seafood exports to Japan saw two-digit growth with a total revenue of US$ 1.3 billion, up nearly 18% from 2017. 

Notably, China has surpassed the US in the list of the largest importers of Vietnam’s tra fish and shrimp. China is now the biggest importer of Vietnamese tra fish and the third largest importer of Vietnamese shrimp, behind the EU and Japan. 

Vietnam’s shipment of aquatic products to the US fell slightly by 2.9% year-on-year, primarily due to pressure from catfish inspection that started from August 1,2017 and high anti-dumping tariff. Tra fish exports to the country dropped by 10% annually. 

VASEP has forecast that Vietnamese seafood exporters will continue faring well in 2018 as a result of high demand for shrimp products and huge potential of major markets such as China, Japan and the Republic of Korea.