Vietnam seafood exports in Feb 2023 increased by 4%

The export result in February was more positive than the previous month with a modest increase of 4%. However, this does not reflect the recovery trend as the same period in 2022 was the Lunar New Year. 

Accumulated in the first two months of the year, seafood exports reached over $1.1 billion, down 26% over the same period in 2022. Of which pangasius exports  fell by 38% to $240 million, shrimp fell by 37% to $350 million , and tuna fell 27% to 113 million USD. Exports of cephalopod and marine fish tend to be more positive with a growth of 6% each, reaching USD 103 million and USD 273 million, respectively.

The reopening of the Chinese market brings opportunity for Vietnamese seafood exporters, especially pangasius exporters

The reopening of the Chinese market has created favorable conditions for exporters. In Feb, seafood exports value to this market increased by 33% to 122 mil USD. Accumulating the first 2 months of 2023, seafood exports to China reached 158 mil USD, decreasing 7%. 

The US and EU markets have not shown any sign of recovery in Feb, thus exports to these two markets fell by 35% and 8% respectively. By the end of February 2023, seafood exports to the US were down 53% to 164 mil USD, to the EU down 32% to 123 million USD. 

Seafood exports to Korea, CPTPP countries and some other markets tend to be more positive. South Korea increased by 26% in importing Vietnamese seafood in February, while the CPTPP bloc increased by 14%. However, due to a sharp decrease in January, the results for the first 2 months of the year to these markets were still lower than in the same period.

The market demand is gradually recovering, especially at the Chinese market and many other small markets. The raw material of aquatic materials (shrimp, pangasius) will also increase in the next month, thus exports in March and April will increase.

Compiled by Thuy Linh