Dried fish, canned fish “take the throne” in the time of inflation

In April 2023, Vietnam seafood exports to the US fell the most by 53%, to the EU decreased by 40%, to China by 40%, to Korea by 30% and Japan by 15%. Only a few markets had good signals in April. In which, exports to the UK increased slightly by 1%, to Russia by 25%, to Israel by 21%, to Brazil by 5%, and Saudi Arabia by 67%. 

The main export items were still in negative growth in April. Pangasius exports decreased deeply, reaching negative 52%.  Shrimp exports decreased by 35%, tuna decreased by 38% and cephalopods decreased by 11%.

Pangasius exports decreased deeply, reaching negative 52%

Exports of other marine fish products are better, only decreasing slightly by 6.3% over the same period last year. Fresh/frozen fish fillets and fish cakes products all saw a decrease in sales, while dried fish and canned fish had higher export turnover compared to the same period last year.

Particularly in April 2023, exports of dried marine fishes increased by 65% to nearly 26 million USD. Accumulated in the first 4 months of 2023, this product has earned nearly 78 million USD, up 33% over the same period last year. The two most popular types of Vietnamese dried fish are anchovies and yellow snapper. In which, anchovies accounted for 66%, yellowfish accounted for 14%.

The top 5 markets for Vietnam's dried fish consumption are China (56%), Russia 17%, Malaysia 8%, Hong Kong 4% and South Korea 3%. In the first 4 months of 2023, only Malaysia reduced the demand for Vietnamese dried fish, the remaining increased imports, of which China increased by 72%, Hong Kong increased by 59%.

Besides, many other markets also increased imports of Vietnamese dried fish in the first 4 months of the year: specifically, Taiwan increased by 45%, Romania increased by 90%, Australia increased by 10%, and Lithuania increased by 61%.

The two most popular types of Vietnamese dried fish are anchovies and yellow snapper

The evolution of Vietnam's dried fish exports has shown that, in an inflationary environment, consumers have changed their habits. Fresh/raw products are gradually being replaced by dry and canned goods. Therefore, seafood suppliers now, in addition to the pressure to adjust prices to make them attractive, must also pay attention to increasing services for products to stimulate demand. For example, with fish products, many distributors around the world are focusing on providing fish that has been cut into pieces, pre-seasoned, ready-to-eat or pre-packaged with spices and processing instructions.

During this time, Vietnamese seafood enterprises have been very flexible in adjusting production and business plans, adjusting product structure and export markets in line with the development of 2023. Many businesses actively participate in International Seafood Fairs in the US, Spain and Japan in recent months. Typically, the Global Seafood Expo in Barcelona, Spain, which took place at the end of April, attracted 38 Vietnamese seafood companies to participate, double the number of 2022. Within the framework of the exhibition, The VASEP continues to organize promotional and propaganda activities, paying special attention to the two main products of Vietnam, which are shrimp and pangasius.

The Global Seafood Expo in Barcelona attracted 38 Vietnamese seafood companies to participate, double the number of 2022

In addition to trading activities, this year, VASEP has organized more demonstrations of dishes made from pangasius, shrimp, tuna, and other value-added products under the theme of “Healthy Convenience” with Vietnamese  chefs who have lived and worked in Spain for many years.

The export situation in the coming time will depend largely on market demand and production stability of the domestic seafood industry. Therefore, the support and companionship of the Government and specific state agencies with appropriate and favorable mechanisms and policies will help farmers, fishermen and businesses feel secure to maintain production of raw materials to receive orders when the market demands increase again.

Compiled by Thuy Linh