Ministry cuts seafood exports forecast on uncertainties

The Ministry of Agriculture and Rural Development has just lowered its forecast on Vietnam’s seafood export turnover in 2011 to $6 billion, down $100 million from the previous forecast, due to raw material shortage and shrinking foreign demand, newswire NHDmoney reported.
Although the demand for seafood products of EU, the US, Russia, China and Southeast Asia markets remained high, the demand for fisheries products of Japan, the country’s biggest seafood buyer, saw a serious decline, according to the ministry’s updated forecast on some agricultural product markets in August 2011.

Vietnam’s total seafood exploitation output in August 2011 was estimated to reach 254,000 tons, bringing the total figure in January-August to 1.73 million tons, up only nearly 1 percent from the same period last year, of which fish output reached 1.619 million tons.

Meanwhile, the aquaculture production output in August was estimated to reach 282,000 tons, bringing the total figure in the first 8 months of this year to 1.845 million tons, rising 5.3 percent year on year, of which fish output reached over 700,000 tons.

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 sharply in large foreign markets, such as the US, China and Italia, with 42.7 percent, 57.3 percent and 45.1 percent year on year rise respectively.
Tuoi Tre

Tags: Vietnam Seafood, Vietnam seafood exports

Posted by VBN on Sep 6 2011. Filed under Sea food. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry