Vietnams aquatic export forecast to top $8.5 bln in 2018

Vietnam’s export of aquatic products is forecast to top 8.5 billion USD in 2018, up nearly 3 percent from 2017, according to the Vietnam Association of Seafood Exporters and Processors (VASEP)

This year’s figure is estimated at more than 8.3 billion USD, marking a 19 percent rise year-on-year. 

According to the VASEP, seafood export to most countries saw strong growth, excluding the US, Australia and Russia. The EU has replaced the US as the top importer of Vietnam’s aquatic products, followed by the US, Japan and China. 

Seafood export to Japan posted two-digit growth with a total revenue of 1.3 billion USD, up nearly 18 percent from 2017. 

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

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

VASEP commented that Vietnamese seafood exporters will continue faring well in 2018 thanks to high demand for shrimp products and potential of major markets such as China, Japan and the Republic of Korea.