China remained the largest market, accounting for nearly $1.2 billion, or 33% of total exports, up 37% from a year ago. Including Hong Kong, shipments rose 35% to $1.3 billion, according to the Vietnam Association of Seafood Exporters and Producers.
The Chinese market’s demand for lobster, particularly green lobster, continued to contribute substantially to the results, the association said.
Meanwhile, exports to the U.S. fell 15% to $498 million, with shipments in September alone plunging 32%. Exports to the EU dropped 4.9% to $406.4 million, including a 12.5% decline in September.
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A lobster seen at a seafood restaurant in HCMC. Photo by VnExpress/Tran Truong |
On a more positive note, exports to Japan rose 6.4% to $440.9 million while shipments to Australia increased by 18.5% to $211.9 million and those to Canada climbed 11% to $130.5 million.
Exports to markets covered by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) exceeded $1 billion, up 10.2%, helping offset declines in shipments to EU and US markets.
The association said tariff pressures, international competition and difficulties in securing raw materials are major headwinds to businesses in the final months of the year.
Shrimp is the commodity most affected by US tariffs. In addition to an extra 12.5% tariff under Section 301, some Vietnamese shrimp exporters are also subject to anti-dumping and countervailing duties.
Last year, Vietnam’s aquatic product exports generated $11.3 billion, of which shrimp contributed $4.83 billion, up 25.5% year-on-year and representing more than 42% of the total.
If monthly shrimp exports stay in the $470-480 million range during the final quarter, the full-year figure can reach $5.1-5.2 billion, the association noted.