The historical milestone of 11 billion USD for the seafood export industry in 2022 was mentioned many times by businesses, state management agencies and the media in the early days of 2023 with joy and pride. However, this successful result was thanks to the continuous growth in the first 3 quarters of the year, with a high rate of 34 -46% over 2021. In the fourth quarter, the export trend reversed to negative growth of more than 9% and fell deeply in all sectors due to the impact of inflation.
In January 2023, following the trend of the last quarter of the previous year plus the Lunar New Year holiday, seafood exports continued to decrease sharply. It is estimated that in the first month of the year, seafood exports decreased by 31%, reaching about 600 million USD. In which, pangasius decreased by 50%, shrimp decreased by 46%, tuna decreased by 32%, especially squid and octopus maintained a positive growth of 4% and other marine fish species increased by 6%.
Exports to major markets in January 2023 all decreased sharply, of which the US decreased by 56%, China - HK decreased by 55%, the EU decreased by 35%.
In the first months of the year, the picture of seafood exports can’t be brightened up, especially when the world economy is forecasted to experience a recession this year. However, seafood is still an essential food item, the demand can not drop too sharply. There will be adjustments in demand by product segment. Accordingly, the advantage will be more inclined to affordable-priced goods because it is suitable for low- or middle-income consumers, the group most affected by inflation.
According to economic experts, there are still many risks in 2023. The tension in Russia-Ukraine could increase, the possibility of a transatlantic trade war that could continue to affect seafood supplies in major markets. That context could also be an opportunity for Vietnamese seafood to increase supply to the US, China, and EU markets.
In addition, the opening of China gives great hope for a recovery in demand not only in this market but also in other markets around the world. The recovery will be more clear from the second quarter of 2023.
Besides, experts are optimistic about markets that are assessed to have economic growth this year such as Asia, the Middle East, etc.
In that context, seafood enterprises have to ensure financial health to maintain stable production and raw materials supply to speed up production when the consumption market recovers. Seafood businesses can take advantage of each sector in terms of supply and consumption market factors by capturing market information and forecasting.
The conditions for the Vietnamese business environment are also gradually improving in the direction of supporting more production and export. One outstanding news is the update of infrastructure and logistics for export production in the key Mekong Delta region. On the first day of the new year, Prime Minister Pham Minh Chinh inspected key transport projects in the Mekong Delta and required that by 2026 the Mekong Delta must have 554 km of highways. This is good news for the economic development of the region, especially in the fisheries sector. This is also expected to be a driving force and a condition to promote seafood production and export in the coming time.
Right from the first days of the new year 2023, the exciting atmosphere of farmers, fishermen and many seafood enterprises has also shown optimism in the recovery of the consumption market as well as the stability of seafood exports. With that spirit, the seafood industry looks forward to the recovery of demand and increase of orders from the second quarter of 2023.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The purchase price of raw pangasius in the first 11 months of 2024 remained at 26,000-27,000 VND/kg. However, farmers faced challenges in earning profits due to rising costs of fish feed, fuel, and labor during the year.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX) recently announced its production and business results for November 2024, showing a 5% year-over-year increase in revenue but a 21% decline compared to the previous month.
(seafood.vasep.com.vn) Soc Trang province underscores the critical role of the fisheries sector in driving its socio-economic development. Located along Vietnam's coastline, the province features 72 km of shoreline, three major estuaries—Dinh An, Tran De, and My Thanh—and a dense river network encompassing diverse ecosystems, including saltwater, brackish, and freshwater. These natural resources provide ideal conditions for the growth of aquaculture, making the fisheries sector a cornerstone of Soc Trang’s economic strategy.
(seafood.vasep.com.vn) In 2024, the pangasius industry in Dong Thap is projected to achieve a production value of VND 8.802 billion, marking a 2.86% increase compared to 2023 and accounting for over 17% of the province's total agricultural, forestry, and fishery production value.
(seafood.vasep.com.vn) Vietnam's tuna exports to Japan have seen robust growth over the past two months. Data from Vietnam Customs shows that in October 2024 alone, tuna exports to Japan surged by 31% year-on-year, reaching nearly USD 3.5 million. This growth has offset the decline experienced in the first half of the year, raising the total export value for the first ten months of 2024 to nearly USD 28 million, a 5% increase compared to the same period last year.
A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.
(seafood.vasep.com.vn) On November 18, Ms. Truong Ha Phuong Anh, Director of the Center for Investment Promotion and Business Support (iPEC), stated that during the Ca Mau Province Agricultural and Aquatic Products Trade Promotion Conference 2024, held on November 15, there were 209 direct trade interactions between 42 seafood processing and exporting enterprises, OCOP producers in the province, and five leading domestic retail companies: Central Retail, Saigon Co.op, Kingfood Mart, Bach Hoa Xanh, and Satra Supermarket.
In 2024, the Binh Dinh Agricultural Extension Center successfully implemented a semi-intensive and intensive two-stage whiteleg shrimp farming model using Semi-Biofloc technology.
(seafood.vasep.com.vn) Recently, the area dedicated to super-intensive, high-density whiteleg shrimp farming in Trà Vinh Province has been rapidly expanding due to its high productivity and economic efficiency.
(seafood.vasep.com.vn) In collaboration with provincial authorities, specialized agencies, and local coastal governments, seafood processing and export enterprises in Binh Dinh Province are actively working to address issues related to illegal, unreported, and unregulated (IUU) fishing. The shared goal is to have the European Union's "yellow card" removed this year.
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