Particularly in June 2023, seafood export was estimated at nearly 800 million USD, down 21%. In which, shrimp exports were estimated at 341 million USD, the highest level so far this year, down 18% over the same period - this is also the lowest decrease since the beginning of the year. In H1 2023, shrimp exports reached nearly 1.6 billion USD, 31% lower than in the first half of 2022.
Pangasius exports in June were still 26% lower than the same period last year, reaching about 156 million USD. Accumulated in the first 6 months, pangasius exports reached over 885 million USD, 38% lower than the same period last year.
Besides difficulties from poor consumption demand, shrimp and pangasius producers and exporters suffered losses in profits because of high prices of feed, seed and input costs while selling prices were low. Even though they have lowered prices, decline in order leads to a large inventory, adding up more additional costs.
The more negative growth result in June showed that exports of tuna and other marine products are severely damaged due to the pressure of shortage of raw material and the increasingly strict import regulation in main import markets, typically the EU, regarding food safety and anti-IUU fishing.
Accordingly, tuna exports in June decreased by 29%, reaching 64 million USD, accumulated in the first half of the year decreased by 31% to over 380 million USD. Although exports of other marine fishes in May showed a slightly increase, exports in June continued to decrease by 17%, reaching 157 million USD. Exports of other products such as cephalopods, crabs, shell molluscs, etc in June also decreased by 17-30% over the same period.
Vietnam seafood exports in the first 6 months of 2023
Highlights and forecasts
In general, the demand for seafood in major import markets like the US, EU, China, Japan, etc is influenced by two main factors: inflation and inventory. As the markets gradually clear their inventories, it is expected that demand will increase again in the second half of the year. However, a persistent issue that could impede the recovery of seafood consumption and import demand in the US and EU is inflation. Despite the passage of time, inflation has not shown any signs of cooling down in many markets. This could act as a barrier, preventing the full rebound of seafood consumption in these regions.
However, some markets such as Japan, Korea, Australia can be promising destinations for Vietnam's strong products: deep-processed goods with high added value. These products in these markets have an advantage over competitors.
Besides, some Southeast Asian markets are also considered as potential destinations because of their more stable economies, lower inflation, geographical advantages and preferential tariffs under FTAs.
It is forecasted that seafood exports will gradually recover in the coming months thanks to more positive signals in consumer markets. Inventory is gradually decreasing and the order will increase soon to meet the demand for year-end and festival occasions.
Compiled by Thuy Linh
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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