The US economy is unstable, gasoline and electricity prices have “cooled down”, but food prices are still high. The US consumers, especially the low-income class, had to change their diets and food purchase channels. There has been a trend that many consumers consider choosing chicken, beef or pork instead of seafood. Grocery stores with discount programs often have better sales than large supermarket channels. More and more people are choosing to buy home-cooked food to save money.
Any changes from the largest market has strongly affected the results of Vietnam's seafood export and the business situation of many enterprises. With $283 million, down 51% in the first quarter, the US is no longer Vietnam's No. 1 seafood market.
Japan has surpassed the US to become the largest import market of Vietnamese seafood
Japan has surpassed the US to become the largest import market of Vietnamese seafood, although exports to this market decreased by 7%, reaching over 322 million USD in the first quarter of 2023. The structure of seafood exports to Japan is leaning more towards seafood products such as squid, scad, pollock, tuna, grouper.
Japan is Vietnam's largest marine products consumption market, mainly in the marine fish segment, in which a significant part of raw fish is imported from Japan to Vietnam, processed and re-exported to this country. Therefore, seafood exports to Japan increased by 10% while the export of seafood products to other major markets such as the US, Korea and China, the EU all decreased by 6% - 45%.
Many enterprises are expecting the opening of the Chinese market will boost imports, offsetting the decline of other major markets. In the first two months of 2023, China's seafood imports from other countries increased by 32%, reaching over 560 thousand tons, with a value of over $2.7 billion, up 20%. Thus, consumption demand is clearly increasing, but the decrease in import prices to this market has affected sales of Vietnam’s seafood. Particularly for pangasius, in the first 2 months of 2023, China imported 18.4 thousand tons with an average price of 2.15 USD/kg, down 7% compared to the same period in 2022.
Therefore, by the end of the first quarter of 2023, Vietnam’s seafood exports to this market were still 27% lower than the same period last year.
The EU market also decreased by 29% in the value of seafood imports from Vietnam in the first quarter, reaching only 210 million USD. Exports of shrimp and seafood products to the EU all decreased by 7-50%. Exports of pangasius were more stable, thanks to increased exports to the German market.
Exports to the top 5 largest markets in the EU including Germany, the Netherlands, Belgium, Italy and Spain all decreased by 4-44% over the same period. However, many small markets, especially countries in Eastern Europe, still increase imports of Vietnamese seafood, especially pangasius products. Specifically, seafood exports to Poland increased by 49%, to Lithuania by 29%, to Finland by nearly 4 times, and to Romania by 17%.
In the first quarter of 2023, most shrimp and pangasius exporters experienced a sharp decline in export value due to market difficulties and the pressure of too high input costs; rising feed prices, fish prices lead to high raw material prices. In particular, businesses whose traditional and main market is the US are affected the most.
Seafood processing and exporting enterprises also face difficulties because of the lack of domestic raw materials and more difficulties in the EU market, so many businesses experience a decrease in sales. However, some enterprises still have higher revenue compared to the same period last year thanks to the promotion of processing of wild-caught marine products, especially marine fishes.
The picture of seafood exports may gradually brighten in the second quarter and is expected to recover better from the third quarter when the Chinese market has a clearer improvement and seafood enterprises have adjusted their product structure and the market to adapt to the context of 2023.
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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