Seafood exports estimated at 8 bln USD in 2017

Seafood processing at Minh Phu Seafood Company in Ca Mau (Source: VNA)

HCM City (VNA) - Vietnam’s export turnover of aquatic products is forecast to reach 8 billion USD in 2017, up 14 percent year on year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The sector saw a slight increase of nearly 5 percent in the first quarter 2017, and a strong surge in the second quarter, thanks to the growth in key export products, including octopus by 50.8 percent, tuna by 18.9 percent, shrimp by 15.6 percent, and tra fish by 6.1 percent.

July export was estimated at 714 million USD in July, raising the total in the first seven months of this year to 4.32 billion USD, up 17 percent and 15 percent year-on-year, respectively.

Two-digit growth was seen in the key export markets, like Japan, China, the Republic of Korea, Russia, Canada, and Brazil, mostly thanks to increase in the exports of shrimp. However, a remarkable fall was recorded in the US and Australia.

According to VASEP, export turnover of aquatic products is expected to continue growing in the remaining months of the year, however, it will be affected by difficulties in the US market.