Vietnam Seafood

Seafood exports down 31% in Jan 2023, expect to recover from Quarter II

16
Feb

https://vietfishmagazine.com/markets/seafood-exports-down-31-in-jan-2023-expect-to-recover-from-quarter-ii.htmlIn January 2023, seafood exports continued to sharply decline after the decrease in the last quarter of the year and Lunar New Year. Seafood exports were estimated to reduce by 31% in the first month of the year, reaching about USD 600 million. Pangasius exports declined by 50%, shrimps declined by 32%, while sales of cuttlefish and octopus rose by 4% and sales of other marine fish increased by 6%.

Vietnam saw a consecutive high growth in seafood exports by 34-46% in the first three quarters of 2022. In quarter IV, seafood exports experienced a negative growth by over 9% and deeply reduced in sales of all sectors due to inflation in all markets.

In January 2023, seafood exports continued to sharply decline after the decrease in the last quarter of the year and Lunar New Year. Seafood exports were estimated to reduce by 31% in the first month of the year, reaching about USD 600 million. Pangasius exports declined by 50%, shrimp declined by 32%, while sales of cuttlefish and octopus rose by 4% and sales of other marine fish increased by 6%.

Pangasius Hypophthalmus

Exports in the main markets reduced sharply in January 2023, down 56% in the US, 55% in China – Hongkong, and 35% in the EU.

Seafood exports can not thrive in the first months of the year when the world economy is forecasted to fall into recession this year. However, as for the target markets, seafood has been a daily necessity, and such demand will not fall too badly.

According to economic experts, there will be risks in 2023, including escalating tension in Ukraine and the unveiling of a trade war through the Atlantic which may continue to affect seafood supply in major markets. The situation can be considered an opportunity for Vietnam to boost sales in the US, China, and the EU.

Besides, China’s opening of their market brings a great hope to the recovery of demand in either this market or the world when tourism and trade are facilitated. Such recovery will show a clear result from quarter II of 2023.

(Source: https://vietfishmagazine.com/)

https://vietfishmagazine.com/markets/seafood-exports-down-31-in-jan-2023-expect-to-recover-from-quarter-ii.html