Fisheries exports to rebound during remaining months of 2023
VOV.VN - Despite enduring high global inflation, Vietnam’s seafood exports are anticipated to recover ahead in the remaining months of the year, according to figures given by VNDIRECT Securities Corporation.
The US National Oceanic and Atmospheric Administration (NOAA) stated that prolonged and high inflation in the US has led to a tightened spending, thereby affecting the demand for seafood in the US market. As a result of this Vietnamese seafood exports to the US in April also dropped by 51% against the same period from last year.
According to the General Statistics Office (GSO), fishery output in May stood at an estimated 756,900 tonnes, up 2.9% over the same period last year.
Most notably, pangasius exports to major markets such as the US, the EU, and China enjoyed positive growth due to domestic processing enterprises’ export price being competitive, while pangasius also represents an alternative source for the shortage of whitefish from Russia.
VNDIRECT pointed out that with the import demand from the US market rebounding in the second half of the year due to cooling inflation, reduced inventories, and high demand during the year-end holidays, Vietnamese seafood export turnover to the US is predicted to increase by between 40% and 50% in the time ahead.
