Vietnam’s “Investment News” reported on August 26 that data from the Vietnam Aquatic Products Processing and Exporting Association (VASEP) showed that the export of aquatic products will resume in the third and fourth quarters and will reach US$8.26-8.3 billion in 2020.
According to statistics from the General Administration of Customs, the export value of Vietnamese aquatic products in July was US$796.3 million, an increase of 0.8% year-on-year. Exports of aquatic products in July continued to recover after increasing 0.3% in June.
In the first seven months of 2020, the export value of aquatic products reached US$4.4 billion, a year-on-year decrease of 6%.
In July, the export of aquatic products to the United States continued to maintain considerable growth, with a year-on-year increase of 20.8%, reaching US$184 million. In the first seven months, Vietnam’s exports of aquatic products to the US reached US$834 million, an increase of 4.5% year-on-year.
The export of aquatic products to the EU also improved in July, with a decrease of only 2.3% year-on-year, compared with the decline of more than 18% in the previous months. At the same time, exports of aquatic products to Japan are still facing difficulties, and exports to China have fallen again.
VASEP predicts that the export of aquatic products will gradually recover in the third and fourth quarters and will reach US$8.26-8.3 billion in 2020, a year-on-year decrease of 3.8%.
In addition, VASEP stated that the EVFTA agreement that will take effect on August 1 will be the “pushing force” for Vietnamese aquatic products exports in the last few months of this year, especially those products that can enjoy zero tariffs after the agreement takes effect, such as grass shrimp. Frozen white shrimp, processed octopus squid, etc.
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