Illustrative image (Photo: SGGP)
From US$456 million in May, shrimp brought home only US$365 million in August.
In the first eight months of this year, shrimp export hit US$3 billion, up 22.5 percent year-on-year.
Deputy Director of the VASEP’s Training and Trade Promotion Centre Le Hang attributed the falling shrimp export to rising input costs and unfavorable weather conditions while the market demand stalled due to increasing inventories. Because of inflation, exports to the US and China have fallen since July.
In the US, Vietnamese shrimps account for nearly 10 percent of the market share while India and Indonesia make up around 20 percent each, and Ecuador alone 40 percent thanks to its proximity to the US which results in cheaper transport costs.
Meanwhile, tra fish export soared by 114 percent annually to US$187 million in August. Its shipments maintained 2-3 digit growth.
On an eight-month calculation, tra fish raked in some US$1.8 billion, up 81 percent year-on-year.
Hang said apart from the US and the EU, member states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are bright spots for Vietnam’s tra fish export.
In the first seven months of this year, they consumed over 13 percent of Vietnam’s total tra fish shipments, equivalent to US$211.4 million, up 73 percent from the same period last year.
She forecast that the export of the fish will maintain its growth between now and the year’s end.
