Vietnam's fish cakes and surimi products have been exported to more than 25 markets around the world. The main import markets of these products were Korea, Thailand and China, accounting for 64% of the total export turnover of Vietnamese fish cakes and surimi in the first 3 months of 2023.
Compared to the same period last year, Vietnam's exports of this group's products to major markets have mostly decreased. Specifically, exports to South Korea decreased by 13%, Thailand decreased by 23%, and China decreased by 13%. However, there are also some markets that are increasing imports such as the US, Indonesia or Lithuania.
In the US market, Vietnam's exports of fish cakes and surimi have grown continuously in the past 3 months. As a result, the US from the 9th largest importer in the first quarter of 2022 has risen to the 5th largest importer in the first quarter of 2023, accounting for 6% of the total export turnover in this period.
Along with the US, Vietnam's exports of fish cakes and surimi to Indonesia also grew continuously in the first quarter, at 3 to 4 digits. Although export sales to this market are quite moderate, with a growth rate of 618%, the Indonesian market is a very promising market in the context of the general import decline trend.
Currently, seafood exporters are facing difficulties in terms of raw materials and high input costs. Besides, the IUU yellow card that has not been removed is still a challenge for the export activities of this industry. Therefore, exports of fish cakes and surimi are forecast to hardly recover in the short term.
Compiled by Thuy Linh
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