Vietnam’s seafood exports feel the pinch of global slowdown

Hanoi, May 6 (SocialNews.XYZ) The value of Vietnamese seafood exports slumped 28 per cent in April from a year earlier to $810 million due to weakening demand from key markets, Dai Bieu Nhan Dan newspaper reported on Saturday.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said global economic slowdown is taking a toll on Vietnam's seafood exports and rising input prices are weighing on manufacturing activities, Xinhua news agency reported.

Seafood exports in the first four months of the year plummeted 29 per cent from the same period last year to $2.6 billion, according to the General Statistics Office.

Shipments of shrimps, a key earner, posted a year-on-year plunge of 44 per cent in the January-April period to $892 million, tra catfish exports tumbled 46 per cent to $598 million, and tuna shipments fell 40 per cent to $250 million, the VASEP said in an online statement.

Exports to the US were the hardest hit by slowing consumption, down 57 per cent in the first four months from a year before to $418 million as Americans made spending cuts on essentials like food to cope with sky-high inflation, said Le Hang, head of communications for the VASEP.

Shrimp, which normally accounts for up to 45 per cent of Vietnam's total annual seafood exports, faced tougher competition from low-priced, no-brand products, especially in the US market, she added.

Seafood exports to China fell 37 per cent in the period to $435 million, she said.

The Southeast Asian country has a big challenge to deliver on its seafood export target of $10 billion this year, due to headwinds for its economy and worsening global outlook.

Vietnam's seafood exports last year reach $11 billion for the first time, according to the VASEP.

Source: IANS