As of quarter III, Vietnam’s seafood exports reached USD 8.5 billion, up 38% from the same period last year, equal to 85% of the plan of the year.
According to VASEP, seafood exports were estimated to reach USD 850 million in September. Despite a 36% increase as compared to the same period last year, this is the first time after seven months, seafood exports have dropped to under USD 900 million worth.
As of quarter III, Vietnam’s seafood exports reached USD 8.5 billion, up 38% from the same period last year.
Inflation is having a bad impact on imports of the world, leaving a slow growth in sales to major markets.
The highest revenue was recorded in exports to China and Hongkong in September, with USD 153 million, up 97% from the same period last year, just 1.4% lower than July. Exports to the US decreased by 11% from the same period last year, reaching USD 140 million, while exports to the EU and Korea still increased by 31% and 19% respectively as compared to the same period last year.
In September, exports of the key seafood products increased from the same period last year. Pangasius was the highest with a 97% increase, reaching USD 161 million. Inflation reduces the demand for seafood products, but pangasius is still the most-consumed product due to affordable prices.
Shrimp exports reached nearly USD 350 million in September, up 13%, the lowest increase among key products. Short supply of shrimp material amidst the falling demand due to inflation makes shrimp exports reduce from the previous month.
As of September, shrimp exports brought nearly USD 3.4 billion, up 23% from the same period last year. Pangasius exports brought nearly USD 2 billion, up 82%. The export value of marine products reached nearly USD 3.2 billion, up 33% from the same period last year.
In the first nine months of the year, seafood exports to the EU exceeded USD 1 billion, up 41% from the same period last year. The US market has been accounting the highest density with nearly USD 1.8 billion worth, up 22% while exports to CPTPP countries reached nearly USD 2.2 billion, up 41%.
The highest growth has still been recorded in China with 76%, valued at USD 1.35 billion in the first three quarters of the year. Even though China is an unpredictable market, this country is still targeted by Vietnamese seafood businesses in the last months of the year.
“With achievements in the first nine months, Vietnam’s seafood exports can reach USD 10 billion as expected and planned by Ministry of Agriculture and Rural Development”, anticipated VASEP.