Seafood exports expects to reach USD 10 billion
With positive results in the first five months of the year, seafood exports can be expected to reach over USD 10 billion in 2022 for the first time.
Seafood exports achieved impressive results in both scale and growth speed in the first five months of 2022. According to statistics by the General Statistic Office, seafood exports reached over USD 4.6 billion in the first five months, up 42% from the same period last year, many times as much as the growth rate of the country’s export volume (16.3%). Such a result of the fisheries has been produced by lots of factors.
Firstly, it was the increase in seafood export unit price which rose by 10.27% in quarter I on average, presenting a high growth rate as compared to other products.
Secondly, high output resulted in an increase in export volume. In the first five months of 2022, seafood output reached more than 3.3 million tons, up 2.3% from the same period of 2021 due to positive results of aquaculture (over 1.7 million tons, up 5.5% from the same period last year).
Thirdly, there was a pleasant change in the export structure with sales of high value products (such as shrimp) growing rapidly.
Fourthly, the export markets have expanded. Vietnam’s seafood products have penetrated tens of markets all over the world, with major ones such as the US, China, Japan, Korea, Canada, Australia, and Thailand. The countries taking part in free trade agreements with Vietnam are promising for exportation.
In 2022, seafood sector set a target of achieving USD 9 billion worth from exporting; however with the positive results in the last five months, the seafood export value can totally expect to reach over USD 10 billion this year for the first time.
The average seafood export value reached USD 920 million in the first five months. If it remains in the next seven months, the country’s seafood export value will reach about USD 11 billion this year, climbing to a new peak.
However, so as to obtain such a result, the fisheries must come up with effective solutions such as increasing the quantity and assuring offshore fishing vessels to operate, remaining and expanding the surface water area of aquaculture, increasing productivity, and boosting the exportation of high value products.