Vietnam's Seafood Exports Decline On Sluggish Demand, Higher Input Costs

Muhammad Irfan Published March 27, 2023 | 04:30 PM

HANOI, (UrduPoint / Pakistan Point News - 27th Mar, 2023 ) --:Reduced global demand on top of rising prices for aquaculture feeds have thwarted efforts by Vietnamese seafood exporters to sustain recovery momentum, local media reported on Monday.

Seafood exports in the first two months fell 29 percent from the same period last year to 1.1 billion U.S.

Dollars as sales plunged and customs suspended deliveries, Lao Dong (Labor) newspaper reported, citing customs authorities.

Stubborn inflation has dampened consumption in major markets, said the Vietnam Association of Seafood Exporters and Producers (VASEP), adding that exports to the U.S. plunged 55 percent, and shipments to South Korea dropped 14 percent in January and February.