Seafood exports rise by 40 pct in Q1

Vietnam’s seafood exports grew by 40 percent year-on-year in Q1 to US$2.4 billion despite direct impacts of the ongoing Russia-Ukraine crisis.

The growth was led by shark catfish, whose exports increased by 88 percent to $646 million and accounted for 27 percent of overall exports, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp remained the top export item, accounting for 37.5 percent of the total at over $900 million, up 37 percent.

VASEP said the conflict is having an impact on the industry, with the skyrocketing gasoline prices forcing fishermen not to go out to sea or even sell their boats.

In March export growth slowed down to 25 percent from 44 percent in January and 62 percent in February.

Tuna and octopus exports grew by 20 percent last month, but exports of other saltwater fishes slipped by 14 percent.

Exports to Russia fell by 86 percent to $2.7 million, and exports to Ukraine came to a complete halt. Russia and Ukraine used to account for around 2 percent of Vietnam’s seafood exports.

VASEP expects gasoline prices to continue to cast a shadow on the industry in the coming months, but growth to be driven by recovering demand in other markets like the U.S and the E.U.

It forecast 25 percent growth in exports in April.