Global financial crisis sinks seafood exports

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%.

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.