Global financial crisis sinks seafood exports

Seafood is processed in a factory (Photo: SGGP)

The Ministry of Agriculture and Rural Development said yesterday that the global financial crisis has seriously affected Vietnam’s seafood exports.

Last month’s shipments were worth US$450 million, down from $478 million in October.

Some seafood firms have cut exports by a third in the last few months since prices have fallen by 10 to 15 percent.

The price of tra, a catfish variety, has dropped from $3.4 to $3 per kilogram.

Breeders are expected to lose VND2,000 to 3,000 per kilogram since the price of fish feed remains high.

By V.Phuc – Translated by Thuy Doan

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