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Tuesday, September 26, 2023

Seafood demand forecast to improve further

By T.S

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HCMC – Experts have forecast an upswing in demand for seafood imports in China and Japan in the upcoming months, while the global seafood market is gearing up for a surge during the year-end festive season.

Insiders predicted growth prospects for the seafood industry during a conference focused on strategies for adapting aquaculture to evolving market conditions, organized by the Ministry of Agriculture and Rural Development on September 9.

Data from the ministry showed that seafood export value totaled US$5.68 billion in January-August, up a significant 25% against the same period last year. Although the sector still faces negative growth, the decline has slowed compared to the beginning of the year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the value of seafood outbound shipments amounted to US$767 million in June, and increased to US$778 million in July and US$846 million in August, a respective year-on-year decrease of 24%, 17.5% and 15%. August saw the lowest negative growth rate in the past six months.

VASEP advised businesses to prepare for an extended period of uncertainty and prioritize maintaining a skilled workforce to meet production demands during the recovery phase.

In light of reduced demand in major markets, enterprises and associations are intensifying promotional and trade initiatives to exploit the untapped potential of various markets, including niche ones.

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