According to VASEP, in November 2023, Vietnam’s seafood exports reached nearly 840 million USD, up 6% from the same period last year. However, the total export value this year is predicted to reduce by 18%.
In November, the export value of key species were higher than the same period last year (except for bilavia). Specifically, shrimp increased by 4%, tuna by 26%, pangasius by 12%, squid and octopus by 3%, and other marine fish by 4%…
Vietnam’s seafood exports reached 8.27 billion USD in the first eleven months of 2023, down 19% compared to the same period last year. Pangasius exports reached nearly 1.7 billion USD, still 26% lower than the same period last year. The average export price of pangasius decreased in major markets, especially in the US and China. Nevertheless, pangasius exports grew in some markets such as China, Mexico, Canada, Brazil, the UK, etc.
Besides key categories, pangasius fillet, secondary products such as dried catfish bladder and pangasius sausage have become favorites in the US, China, Malaysia, and Singapore.
Shrimp exports from earlier this year till the end of November 2023 are estimated to reach 3.15 billion USD, down 22% from the same period last year. Shrimp exports to most of the major markets are lower compared to the same period.
China is expected to maintain a strong importer in the fourth quarter of 2023 to compensate for the peak consumption season in December 2023 and January and February 2024. However, the US is importing more from Latin America due to lower logistics costs.
Inflation is decreasing in all major countries in Europe. However, traders are reluctant to start Christmas shopping as demand for crustaceans remains weak, including shrimp.
The demand for shrimp in Southeast Asia and the Far East is expected to improve at the end of the year due to Christmas and Lunar New Year ( from December this year to February the following year). Prices will increase during this period due to the low seasonal total output.
Tuna exports for the first 11 months of 2023 reached about 774 million USD, down 18% from the same period. Compared to other items, tuna shows a more positive signal with growth trends in the EU, Thailand, Israel, Mexico, Russia, South Korea, the Philippines, and Japan. Meanwhile, tuna exports to the US decreased by up to 35%.
Other fish species, mainly marine fish, brought in a total of 1.74 billion USD until the end of November, a 7% decrease compared to the same period in 2022. Until late November, exports of squid, octopus, bivalvia, and crab still experienced a negative growth from 10-13% compared to the same period last year.
VASEP predicts that seafood exports for the whole year 2023 may reach about 9 billion USD, an 18% decrease compared to 2022. Specifically, shrimp is expected to bring in about 3.4 billion USD, down 21% compared to last year; pangasius is estimated to reach 1.8 billion USD, a 25% decrease; tuna is expected to reach 850 million USD, a 15% decrease; and exports of squid and octopus are estimated to reach 660 million USD, a 14% decrease.
VFM
