According to the General Department of Vietnam Customs, Vietnam achieved USD 1.4 billion from seafood exports by mid March 2023, down 28% from the same period last year. About USD 1.85 billion worth is estimated to reach in quarter 1 of 2023, down 27% as compared to quarter 1 of 2022.
Seafood exports are estimated to reach USD 780 million in March 2023, down 24% from the same period last year. Exports of key species declined by 8-39%, with exports of shrimp down 39%, pangasius down 23%, tuna down 33%, and cuttlefish and octopus down 8%. However, exports of other marine species grew by 11% from the same period last year.
As of quarter 1 of 2023, Vietnam achieved USD 577 from exporting shrimps, down 40% from the same period last year; USD 447 from pangasius, down 32%; USD 179 million from tuna, down 31%; and USD 54 million from cuttlefish and octopus, down 8%. Exports of marine fishes increased slightly by 3%, reaching USD 435 million.
In the first half of 2023, shrimp exports will recover slowly due to fierce competition against India, Ecuador, and Indonesia. Exports of pangasius may be positive amidst inflation and economic downturn in markets and big opportunities when China totally opens the door after the COVID-19 pandemic.
Exports of marine fishes continue to increase. An upward trend of consuming traditional products is recorded in supermarkets for Asian consumers in the US and EU. That’s why sales of dried products (dried fish, shrimps, and cuttlefish), fish sauce, grilled chopped fish, and canned products will rise.
China will become the largest importers; however, we may face fierce competition from other exporters and traders when they are targeting this potential market. We are struggling with exports to the EU, the US, Japan, and Korea as inflation has dragged consumers into poor consumption and the average importing price has reduced as compared to the previous year.
The Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, and the Ministry of Foreign Affairs have been activating trade promotion programs to connect with some markets.
VFM
