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Vietnam's seafood export likely to decline in 2011

Written by Super User. Posted in News

Ministry of Agriculture and Rural Development has recently lowered its forecast on Vietnam's seafood export turnover in 2011 to $6 billion, down by $100 million from the previous forecast, due to difficulties on raw materials and markets.

According to the updated news forecasting some agricultural product markets in August 2011, the demand for seafood products of EU, the US, Russia, China and Southeast Asia markets remained high. But the demand for fisheries products to Japan, the country's biggest seafood buyer, saw a serious decline.

In the domestic circumstance, the news said that the total seafood exploitation output in August 2011 was estimated to reach 254,000 tonnes, bringing the total figure in Jan-August to 1.73 million tonnes, up only nearly 1 percent from the same period last year, of which, the output of fish reached 1.619 million tonnes.

Meanwhile, the aquaculture production output in August was estimated to reach 282,000 tonnes, bringing the total figure in Jan-August to 1.845 million tonnes, rising 5.3 percent year-on-year, of which fish output reached over 700,000 tonnes.

Vietnam's export turnover for seafood products in the first eight months of this year reached $3.7 billion, rising 24.4 percent year-on-year. The export turnover increased strongly in large markets such as the US, China and Italia with 42.7 percent, 57.3 percent and 45.1 percent year-on-year respectively.

Source: Intellasia

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