Aquatic exports enjoy 25 percent growth last month

The export of aquatic products recorded strong growth in March. Illustrative photo. (Source: VNA)

The export of aquatic products recorded strong growth last month although the Russia-Ukraine crisis has disrupted shipments to the two European countries since late February and caused spikes in shipping costs and input expenses, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In March, Vietnam exported 920 million USD worth of aquatic products, a year-on-year increase of 25 percent, VASEP reported. However, the rate reflected a slowdown after the sector posted spectacular growth of 44 percent in January and 62 percent in February.

Total shipments reached 2.4 billion USD in the first quarter of 2022, up 40 percent against the same period last year.

This was attributed to the impressive recovery of tra fish exports which expanded 88 percent to hit 646 million USD during the period on the account of surging demand from major markets, such as the US, China and the EU. The fish has again become a key export item, accounting for 27 percent of the total aquatic exports, the association said.

Shrimp contributed the largest export share of 37 percent in March, earning more than 345 million USD in turnover, up 21 percent. The Q1 revenue exceeded 900 million USD, up over 37 percent year-on-year.

The seafood processing sector has been struggling as soaring fuel prices, triggered by the Russia-Ukraine conflict, are imposing a heavy burden on offshore fishermen. Last month, seafood exports expanded by just below 3 percent to total 312 million USD, largely thanks to good growth (20 percent) in shipments of tuna, squid and octopus.

By the end of the first quarter, Vietnam shipped some 878 million USD worth of seafood abroad, of which 234 million USD came from tuna, up 55 percent; and 156 million USD from squid and octopus, up 35 percent. The largest growth was seen in the shipments to the US (42 percent), China (77 percent), and the EU (37 percent).

Vietnam’s aquatic exports are expected to pick up 25 percent to 934 million USD in April./.