In QI/2014, total seafood exports increased 31% year on year thanks to surge in shrimp exports. In QII, exports continued its upward trend thanks to shrimp exports and the recovery of other seafood products such as cephalopod and marine fish types except for tuna. Total export value reached US$1.9 billion, up nearly 20% in QII, making Vietnam seafood exports in 1H achieve US$3.6 billion, up 25% year on year.
Growth rate in QII was reported slower than QI, however shrimp exports in the first half of 2014 was approximately US$1.8 billion, increasing 62% year on year. Increase in shrimp price imported in major markets, stable supply whilst seafood volume and exports of China and Thailand slump supported Vietnam shrimp exports in the first half of 2014.
After a 5% rise in QI, Pangasius exports fell by almost 10% in QII. Total exports of 1H 2014 as the result decreased by 3%, staying at US$824 million.
Cephalopod, bivalve, crustacean and fish (except for tuna) had two-digit growth in QII exports, reported a positive growth rate in the first half of 2014.
Meanwhile, with the shortage of raw material, tuna exports fell by 7%, continued its downward trend, making its total exports in the first 6 months of 2014 US$244 million, decreasing 17% year on year.
Pangasius and tuna exports are anticipated to keep its negative growth rate in the second half of the year due to problems relating to raw material and markets. Shrimp is the major commodity to make seafood exports hit US$7 billion. However, shrimp exports will not keep its heating growth rates.
Report on Vietnam seafood export in QII/2014 will provide detailed results and evaluation on every major seafood export commodity, analysis on domestic factors and market changes affecting exports in QIII.
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