Skyrocketing cargo prices affecting seafood and wooden products
Starting from the new year, freight rates to the US, Canada, and the EU increased quite sharply, doubling rates in December. In the agriculture, forestry, and fishery sector, wooden furniture and seafood exports are two industries put under the greatest pressure from such increases, as products are exported in large volumes to the US and the EU. Rising transportation costs and higher input prices for aquaculture and seafood processing are blunting the competitiveness and curbing the profits of seafood businesses. The Vietnam Timber & Forest Products Association (VIFORES) is closely monitoring changes in freight transport around the world, providing regularly updates so that businesses in the industry can firmly grasp the situation and proactively plan production and imports and exports, to avoid congestion and any other adverse impacts.