Shark catfish exports fell by 61 per cent year-on-year in January to US$83.6 million, according to the Viet Nam Association of Seafood Exporters and Producers.

Exports to all major markets saw double-digit declines, VASEP said.

Shipment to the US, among Viet Nam’s top three biggest buyers, decreased by 76 per cent in volume and 40 per cent in value (to below $10 million) from January 2022.

Though the rise in seafood prices is relatively modest, higher prices are still affecting its demand, Le Hang, director of VASEP’s communication department, said.

But the food inflation rate is projected to fall this year.

Retailers are focusing on promoting affordable seafood items, and supermarkets are selling more frozen seafood due to the rising demand for home cooked meals.

Viet Nam expects to benefit from this shift in US demand for seafood and lower inflation.

Last year’s shark catfish exports were the highest ever at $2.44 billion after growing by 45 per cent, with the US accounting for $537.2 million. — VNS