Seafood exports will fulfill the target of USD 10 billion

Seafood export value of quarter III reached USD 8.5 billion, up 38% from the same period last year. As of October 10, 2022, seafood export value reached the same value of 2021.

According to VASEP, seafood export value reached over USD 850 million in September. Despite being 36% higher than the same period last year, that was the first time after seven months, seafood exports had dropped to under USD 900 million worth.

China is major importer

In the first nine months of 2022, exports of the main seafood products increased as compared to the same period last year.

Pangasius showed the highest growth rate, 97%, with USD 161 million worth. Even though demand for seafood products have reduced due to the inflation, pangasius has been the most consumed product with an affordable price.

Shrimp exports reached nearly USD 350 million in September, up 13%, the lowest growth rate among the main exported products. The shrimp sector was in a lack of materials last month, plus the demand has slowed down in most of the markets due to the inflation, leaving a reduction in exports as compared to previous months.

Meanwhile, exports of marine products such as tuna increased by 44%, cuttlefish and octopus increased by 40%, and other sea fishes were up 55% in September 2022.

Seafood exports to the US declined by 11% as compared to the same period last year, reaching USD 140 million in September. The US was trailed by China to rank in the second position among importers of Vietnamese seafood.

Meanwhile, in September seafood exports to the EU and Korea remained at a growth rate of 31% and 19% respectively as compared to the same period last year.

The accumulated value of Vietnam’s seafood exports in the first nine months of the year reached USD 8.5 billion, up 38% from the same period last year thanks to the two main products, shrimp and pangasius, with remarkable growth rate.

Shrimp exports contributed about 40% to the total seafood exports of Vietnam, with nearly USD 3.4 billion worth being achieved after nine months, up 23% from the same period last year.

Pangasius was highlighted with a sharp increase in the average exporting price in the first nine months of the year. Vietnam earned USD 2 billion from exporting pangasius in the last nine months, up 82% from the same period last year.

Besides, tuna exports increased by 55% as compared to the same period last year, reaching USD 729 million. Exports of other marine fishes brought in USD 1.35 billion, up 23%. Other products such as anchovy, pompano, salmon, and surimi contributed USD 100-300 million to the revenue.

Target of 10 billion dollars in hand

The US has accounted for the highest density with USD 1.8 billion worth over the first nine months, up 22% as compared to the same period last year. China was the second biggest market but showed the highest growth rate, 76%, with USD 1.35 billion worth in the first nine months.

Meanwhile, seafood exports to the CPTPP countries reached nearly USD 2.2 billion, up 41%; seafood exports to the EU exceeded USD 1 billion, up 41% from the same period last year.

VASEP anticipated that even though China was an unpredictable market, it had been a target market of Vietnamese seafood businesses in the run-up to the end of the year due to the recovering demand and favorable geographical conditions. According to VASEP, the US would increase their purchases of seafood in the next few months. The CPTPP countries are major destinations of Vietnamese shrimps and pangasius.

Despite a downward trend of seafood export value and growth rate in the last three months, VASEP forecasted that Vietnam’s seafood exports would fulfill the target of USD 10 billion worth by November 2022. The last month of the year would be a time for businesses to grow and exceed the plan.

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

https://vietfishmagazine.com/markets/seafood-exports-will-fulfill-the-target-of-usd-10-billion.html