Commodity market news on March 11, 2022

SMALL INDUSTRY NEWS

WORLD'S GOODS HIGHLIGHTS DAY 11.03

The impact of the Russia-Ukraine war will likely have a great impact on the global seafood export industry, especially the seafood supply from Russia to the US and Europe when the sanctions from the West continuously target. Russia. Every year, the US and Europe import large quantities of frozen crab and black salmon from Russia. Russia's seafood industry is heavily dependent on exports, and the impact of the war has reduced the volume of Russian seafood exports in the first two months of the year by about 11% compared to the same period in 2021. Exports Vietnam's seafood received many positive signals at the beginning of 2022

In the first two months of the year, Vietnam's seafood exports reached 1.5 billion USD, up 51% compared to the same period in 2021. After controlling the disease quite well and returning to exploitation and production since the first quarter of this year. At the end of last year, seafood exports had a remarkable recovery. Moreover, the market demand is very high for Vietnamese seafood. In the US, frozen seafood is preferred over fresh seafood. In addition, consumers are increasingly focusing on convenience foods, ready-to-eat, ready-to-eat and long-preserved foods. In February, the US continued to increase sharply, importing Vietnamese seafood, up 85% with a value of up to 146 million USD.

Although it is still difficult to trade with China, seafood exports to this market have gradually recovered since January and continued to increase strongly in February with an export value of USD 91 million. . Generally, in the first two months of the year, seafood exports to China reached US$168 million, up 91% over the same period last year.

Currently, seafood exports from Vietnam to Russia and Ukraine account for a small proportion, less than 3% of the total seafood export turnover of the country each year. Thus, it can be seen that the impact of the war has not first affected the growth prospects of the entire seafood export industry. However, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), although the proportion of Vietnam's seafood exports to Russia and Ukraine is not large, the tension between the two countries is creating consequences. This will certainly affect businesses that are exporting tuna, pangasius and shrimp to Russia and Ukraine due to obstacles from logistics and demand in these two countries.