Seafood exports decreases by 20% after 10 months

In the first 10 months of this year, seafood exports brought in nearly USD 7.5 billion, down 20% from the same period last year. VASEP expects that in the last two months of the year, the export of shrimp and pangasius to the United States will improve.

VASEP reports that seafood exports in October are estimated to reach USD 863 million, slightly down 5% from the same period in 2022. Overall, in the first 10 months of this year, the country achieved nearly USD 7.5 billion from seafood exports, down 20% from the same period last year.

Specifically, shrimp exports reached USD 2.8 billion, a y-o-y 24% decrease, accounting for 38% of the seafood export turnover. In October alone, shrimp exports reached around USD 320 million, a y-o-y 11% decrease.

VASEP anticipates that shrimp exports in the last months of the year and in 2024 will largely depend on market fluctuations in the United States. 

The global shrimp industry has been in a surplus for over a year. In the US, the EU, and China, shrimp import prices in 2023 were recorded to decline by 13%, 10%, and 3%, respectively. However, consumption and imports into the US are forecasted to be better in November and December.

Fortunately, pangasius exports in October reached USD 189 million, a slight y-o-y 5% increase. Overall, in the first 10 months of 2023, pangasius exports reached over USD 1.5 billion, down 28% from the same period last year.

VASEP notes that pangasius exports are showing more promising signals after positive information about the US market. Vietnamese pangasius was rated well for food safety upon the FSIS inspection program.

In addition, preliminary results for the 19th review (POR19) indicated that Vietnam’s frozen pangasius fillets exported to the US from August 1, 2021, to July 31, 2022, were imposed much lower taxes compared to the previous period.

The demand for pangasius in the US is also recovering. The US Department of Agriculture (USDA) is in need of nearly 6 million pounds of frozen pangasius fillets for domestic food distribution programs. This is the third trade deal of pangasius conducted by USDA in 2023.

Tuna exports in October have shown a double-digit growth of 13% compared to October 2022, reaching USD 87 million. By the end of October, the sector had brought in USD 704 million in foreign currency, a y-o-y 20% decrease.


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