Vietnam Seafood
By the end of the Q3/ 2022, Vietnam seafood exports will reach $8.5 billion
Oct
In September 2022, seafood exports were estimated at over $850 million. Although still 36% higher than the same period last year, this is the first time after 7 months, seafood exports fell below 900 million USD. By the end of the Q3/ 2022, Vietnam’s seafood exports reached $8.5 billion, up 38% over the same period last year.
Inflation is affecting the import demand, so exports to major markets slowed down in September. Exports to China & Hong Kong brought the highest sales with US$153 million, an increase of 97% over the same period in 2021, 1.4% lower compared to July 2022. Exports to the US decreased 11% year-on-year to $140 million, while exports to the EU and South Korea maintained an increase of 31% and 19% respectively.
In September, exports of main aquatic products all increased compared to the same period in 2021. In which, pangasius still maintained the highest growth rate, increasing by 97% to 161 million USD. Inflation reduces the demand for many aquatic products, but pangasius is still an advantageous commodity because of its affordable price. Shrimp exports in September reached nearly 350 million USD, up 13%, the lowest increase in the main products. The lack of raw shrimp while the demand in markets is slowing down because of price inflation caused shrimp exports to decrease compared to the previous month. Exports of seafood products such as tuna increased by 44%, squid and octopus by 40% and other marine fish by 55% in September 2022.
By the end of September 2022, shrimp exports had brought in nearly $3.4 billion, up 23% over the same period in 2021. Pangasius also earned nearly $2 billion, an increase of 82% of seafood products. Marine products exports reached nearly $3.2 billion, up 33%.
In the first 9 months of the year, seafood exports to the EU exceeded 1 billion USD, up 41% over the same period. The US is still the market with the highest proportion with nearly 1.8 billion USD, up 22%. Exports to the CPTPP countries reached nearly 2.2 billion USD, up 41%. China is still the market with the highest growth rate of 76% reaching US$1.35 billion in the first 3 quarters of the year. Although China is still an unpredictable market, this is still the target market of Vietnamese seafood enterprises in the last months of the year because of large demand and geographical factors.
With the above export result, surely by the end of November, Vietnam’s seafood could reach the 10 billion USD mark as expected by the whole industry as well as the target set by the Ministry of Agriculture.
Compiled by Thuy Linh
(Source: https://seafood.vasep.com.vn/)
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