Seafood exports exceed USD 10 billion for the first time

Due to the rapid growth in the first three quarters, seafood exports reached USD 10 billion in the last eleven months.

According to VASEP, in November, seafood exports reached USD 780 million, the lowest level since the 2022 Tet Holiday. However, as of late November, seafood exports reached USD 10.2 billion, up nearly 28% from the same period last year. Vietnam’s seafood export sector saw a milestone when exceeding USD 10 billion worth in one year.

Moreover, shrimp exports exceeded USD 4 billion worth over the last eleven months for the first time. Shrimp has been the number one category among Vietnam’s exported seafood products, accounting for 39% of the density of the total seafood export value in eleven months.

Pangasius ranked second with USD 2.3 billion worth (accounting for 22.4%), followed by other fishes with an export value of USD 1.9 billion, accounting for 18.4%, tuna with USD 941 million, accounting for 9.2%, and cuttlefish and octopus with USD 704 million, accounting for 6.9%.

The US has been the biggest importer of Vietnamese seafood over the past eleven months with the export value of over USD 2 billion, trailing China-Hong Kong with USD 1.6 billion, Japan with USD 1.6 billion, and the EU with USD 1.2 billion. The CPTPP bloc, Japan included, made up about USD 2.7 billion in the past eleven months.

According to VASEP, seafood exports exceeded USD 10 billion worth for the first time, mainly due to a rapid growth in the first three quarters amidst increasing market demand, rising exporting prices, and sufficient supply of materials to fulfill orders.

However in the last few months, export growth has slowed down when the market demand fell. In October, seafood exports inched up by 2% from the same period last year, and reduced by 14% in November. As forecasted, a further drop will be recorded in December and continue in 2023.