Q1 seafood exports down 27%

Exports continue downwards due to falling demand.

Vietnam earned $1.85 billion from exporting seafood in the first quarter of 2023, a year-on-year decline of 27 per cent, according to the Vietnam Association of Seafood Exporters and Processers (VASEP).

It added that the global market has been affected by inflation and economic downturn, resulting in lower consumption demand. As a result, both the quantity and value of Vietnam’s seafood exports fell.

Exports of most key fishery products were down between 8 and 39 per cent, including shrimp (39 per cent), tra fish (23 per cent), and tuna (33 per cent).

It is forecast that aquatic product exports will bounce back from the second quarter onwards after several international programs were held in the US and EU helping attract more buyers, according to Le Hang, Communications Director at VASEP.

Source: VnEconomy