09:52 | 13/05/2015 Trade
Vietnam aquatic products exports dipped 17.4% to US$1.36 billion for the first quarter of this year.
This resulted in farmers wavering breeding shrimp and fish and shortages of materials for seafood processing.
Vietnam Seafood Exporters and Producers (VASEP) Vice Secretary General Nguyen Hoai Nam, said aquaculture areas are showing a trend of decline, especially for shrimp products, leading to a shortage of supplies for exports.
Nam added that shrimp breeders face a number of disadvantages, such as rising shrimp food prices, increasing loan rates and the retail prices remaining the same.
This year, the world’s supply increases as shrimp producers in Thailand and India resume production, not mention to anti-dumping taxes on Vietnamese shrimp, which results in shrinking market shares in some areas, especially the US.
The results of the US Department of Commerce (DOC)’s anti-dumping duty review in January 2015 signified that anti-dumping taxes were higher than previous ones, causing more difficulties for tra fish exporters. Moreover, the US Agricultural Act of 2014 partially affects Vietnamese tra fish exports to the highly lucrative market.
Foreign exchange rates also hinder Vietnam seafood exports as more than 90% of import-export contracts use US dollar for payment.Source VOV News