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Tuesday, July 23, 2024

Vietnam sees rebound in fishery export to Russia

The Saigon Times

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HCMC – Vietnam’s export of fishery products to Russia has bounced back significantly after months of falling due to the impact of the Russian-Ukraine military conflict, said the Vietnam Association of Seafood Exporters and Producers (VASEP).

Exports of local fishery items to the Russian market in May this year began a steady recovery. In July and August, they soared 36% and 98%, respectively.

When the Russia-Ukraine conflict broke out in late February, Vietnam’s outbound sales of fishery products to Russia in March and April plunged 86% and 46%, respectively, due to shipping disruptions and payment woes.

At the time, local fishery exporters said many batches of their fishery products to Russia were forced to be sent back home and the payment was at risk. They were facing supply chain disruptions and had to seek ways to handle the backlog of orders or re-export them to other markets.

The country recorded a year-on-year fall of 20% in the export turnover of fishery products to Russia between January and August, at over US$94 million.

Le Hang, deputy director at the VASEP Training and Trade Promotion Center, said tra fish was the top export product in the eight-month period, making up 22% of the fishery export value to Russia, at nearly US$21 million, down 21% compared to the year-ago figure.

The export value of whiteleg shrimp, fish paste, and surimi declined over 50% each versus last year.

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