Exports of fresh/frozen/dried/salted crab and crustacean products decreased by 44%. Export of canned products decreased by 74%. Export of processed products increased by 18%.
High inflation has reduced purchasing power in many import markets. Thus, Vietnam's exports of crabs and other crustaceans in the first two months of 2023 have decreased compared to the same period in 2022.
Currently, Japan, the US, China, Canada and the UK are the 5 largest crab import markets of Vietnam, accounting for 94% of the total export turnover in the first two months of the year.
In the Japanese market, exports of crabs and other crustaceans continue to grow from the fourth quarter of 2022. Export turnover in the first two months of 2023 increased by 128% over the same period, reaching more than 8.1 million USD. This growth has taken Japan from the third largest importer in the first two months of 2022 to the first position this year.
Along with Japan, Vietnam's crab exports to the UK also increased during this period. Exports to this market reached 338 thousand USD, up 33% over the same period in 2022.
Meanwhile, exports to other main markets decreased simultaneously. Although China has reopened, exports to this market have not shown any signs of recovery. Exports of crabs and other crustaceans to China decreased by 79% in the first two months of 2023 reaching nearly 3 million USD.
Exports to the US and Canada are also not better. Exports to these two markets decreased by 54% and 17% respectively.
In the current context, it is forecasted that consumers will still tighten their spending, especially with high-value products such as crabs. Therefore, Vietnam's exports of crabs and other crustaceans in the coming months cannot recover.
Compiled by Thuy Linh
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