Seafood exports difficult in short term

Seafood exports difficult in short term By Thuy Dung Tra fish fillet processing at a factory in the Mekong Delta. In the short term, seafood exports are meeting with difficulties, especially in U.S. and EU markets – PHOTO: TRUNG CHANH HANOI – Though a bright outlook is forecast for seafood exports in the long term, export activities in the short term are meeting with difficulties, especially in U.S. and EU markets. According to the Ministry of Industry and Trade’s Export-Import Department, the turnover of seafood exports was some US$700 million last May, up 2.3% against the previous month and equivalent to that of May 2017. In January-May, seafood exports reached US$3.1 billion, a year-on-year rise of 11%. Though seafood exports have continuously increased, there are many risks in major markets. In the U.S. market, many firms have had to leave the market due to trade barriers. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), early this year there were some 14 firms exporting to the U.S., but only three have remained in the market. Further, Vietnamese shrimp is subject to the U.S.’ seafood import monitoring program, causing the market share of Vietnamese shrimp to drop to 6.8% in the year’s first three months. As for the EU market, Vietnamese seafood products have been issued a yellow card, and hence all shipments to this market are held for inspection for their origins. Similarly, tiger prawn exports to China are also experiencing difficulties due to risks to exports at… [Read full story]