Vietnamese seafood exports were estimated at US$372 million in February, raising the sector’s total export revenues to US$1.11 billion, up 4.4% over the same period last year.
Japan, the US, China and the Republic of Korea were the four largest importers of Vietnamese seafood in January 2019, accounting for 53% of the total export value.
The strongest growth was seen in the markets of Mexico, Canada, the US and Japan at 32.4%, 27.8%, 24.9% and 17.7% respectively.
In February, Vietnam also imported US$91 million worth of seafood, bringing the total imports in the first two months of 2019 to US$247 million, down 9.3% year on year.
According to the Department of Agro-Processing and Market Development, Vietnamese catfish exporters will face greater competition from Myanmar in the Chinese market with the completion of a catfish raising project in Ayeyawady.
Meanwhile Vietnamese shrimp exports to Japan will benefit from the CPTPP, which came into effect for Vietnam in January.
Processed shrimp products are expected to witness decent growth in the future thanks to growth in Japan’s ready-made food market as a result of the increasing number of singles who spend less time cooking.
It is forecast that Vietnam’s shrimp exports to Japan will record double-digit growth in 2019.
