China, US, Japan – largest importers of Vietnam’s fishery products in Q1

Hanoi: China, the US and Japan were the three largest importers of Vietnam's fishery products in the first quarter of this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Exports to the US saw the highest increase in the period, by 16%, to 330 million USD, with shrimp shipments rising by 15%, and that of tuna, tra fish and crab surging by between 13% and 53%. Meanwhile, exports to China and Hong Kong (China) increased by 15%. China was the biggest importer of Vietnamese tra fish, white-legged shrimp, lobster, anchovy and crabs. According to VASEP, as China is tightening control of lobster import from Ecuador, Vietnam sees an opportunity to increase its exports. In the first quarter of this year, Vietnam's lobster export to China was seven times higher than that of the same period last year. Moreover, its export of white-legged shrimp also increased 2.5 times. Vietnam's exports of fishery products to Japan also saw positive signals, VASEP's communication director Le H ang said. The export of Vietnamese white-legged shrimp, crab and tra fish to Japan picked up by 20%, 23% and 25% respectively compared to the same period last year. Exports of Vietnamese shrimp and tra fish to the EU and the Republic of Korea (RoK) have not seen clear signs of recovery. However, Vietnam's tuna shipments to these markets grew positively - up 27% to the EU and up 15% to the RoK. In general, tuna exports to major markets saw good growth in the first quarter with increases of 30% to the US and 9% to Japan. Hang said that after international fishery product fairs held in the EU, the US and Japan, it's expected that Vietnamese exporters can gain more orders and Vietnamese products can be sold at better prices. VASEP forecasted that in 2024, Vietnam's shrimp industry will continue to compete with Ecuador and India in terms of prices and supply. Oversupply will likely happen in the first half of this year. Meanwhile, tra fish inventory in the US, China, and the EU will shrink and export prices w ill increase again in those markets. As Vietnam's fishery exports are expected to gradually recover in the second half of this year, the country's exports in the whole year 2024 is estimated to reach 9.5-10 billion USD with shrimp bringing home 4 billion USD, tra fish 1.9 billion USD and other fishery products 3.6-3.8 billion USD, according to VASEP./. Source: Vietnam News Agency