11:33 | 12/03/2019 Trade
The export of aquatic products earned the country 372 million USD in February, bringing the total export value of those products in the first two months of 2019 to 1.11 billion USD, up 4.4 percent from a year ago.
According to the Department of Farm Product Processing and Market Development under the Ministry of Agriculture and Rural Development, the top four importers of Vietnam’s aquatic products in the period were Japan, the US, China and Republic of Korea, which accounted for 53 percent of the total export value.
Strong growth was recorded in shipments to Mexico (32.4 percent), Canada (27.8 percent), the US (24.9 percent) and Japan (17.7 percent).
Meanwhile, the country imported 247 million USD worth of aquatic products in January-February, down 9.3 percent from the same period last year.
The department forecast that Vietnamese pangasius exporters will face strong competition from Myanmar on the Chinese market in the time ahead, as Myanmar will soon complete a complex of pangasius breeding farms in Ayeyawady to serve export.
However, there is good news for shrimp exporters as they will benefit from favourable tariffs under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which took effect for Vietnam on January 14 this year.
The department envisioned two-digit growth for shrimp shipments to Japan in 2019 while advising the exporters to renew their approach to the Japanese market, enhance promotion of products and continue to improve product quality.
The export of aquatic products is expected to rise by 17 percent to 3.5 billion USD this year despite likely hurdles, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).