Vietnam Seafood

Vietnam seafood exports to the US reached more than 1.1 billion USD

08
Jul

In the first 5 months of 2022, Vietnam’s seafood exports to the US reached nearly 1.1 billion USD, an increase of 65% compared to the same period last year. Vietnam seafood exports to this market is expected to gain 2.4 – 2.5 billion USD in 2022 , going up by 25% compared to 2021.

The US holds the first position in Vietnam’s seafood export market, accounting for 23% of total export value. This is also the No 1 market for Vietnam shrimp, making up for 21% (particularly vannamei shrimp exported to the US accounted for 25%). Vietnam tuna exports to the US contribute to an overwhelming proportion of 54%. For pangasius, the US is the second market after China, accounting for 25.6%.

In the US market, except for the drop of 10% in the mollusks shells, other key products such as pangasius, tuna…also recorded high growths in comparison to the same period of 2021. Especially, pangasius export recorded a growth rate of 131% over  the same period.

There were 5 main reasons that affected the rise in Vietnam’s pangasius export to the US in the first 5 months of the year. Firstly, the production of catfish in the US has decreased, secondly is the high inflation. Thirdly, the antidumping duty of POR17 brought many favorable conditions for Vietnam pangasius exporters. Fourtly, the number of Vietnam pangasius exporters allowed to export to the US increased and finally Vietnam pangasius export’s price to US reached the record.

In the first 5 months of this year, whiteleg shrimp and black tiger shrimp exports to the US increased by 33% and 29% respectively over the same period last year. Vietnam is a leading supplier of peeled and deveined shrimp (PD shrimp) to the US market. Total shrimp exports to the US reached nearly 390 million USD, up 32% over the same period last year.

Regarding tuna export, Vietnam mainly exports frozen tuna loin/ fillet  to the US, accounting for 74%. In the first 5 months of 2022, Vietnam tuna export to the US achieved 251 million USD, twice as high as the same period last year. In particular, tuna loin reached 186 million USD, a rise of 184%.

Hung Hau Pangasius Fillet

In the first 4 months of the year, the US imported more than 1 million tons of seafood in volume and 10 billion USD in value, up 14% and 34% respectively to the same period 2021, the average  import price increased by 17%. In which, shrimp is the most consumed product, accounting for 28%, the import value went up by 32% because of the 13% rise in the import price.

The demand for seafood and seafood imports into the US is forecasted to remain high due to the impact of the Russia – Ukraine war and the continuous  US – China trade. However, after a hot growth in the first half of theyear, Vietnam’s seafood exports to the US in the second half of the year will grow slowlier than the first half of the year in response to the supply – demand trend and logistic factors assessed by experts such as:

  • A sharp increase in raw materials from other countries may push down import prices
  • Increased competition between suppliers 
  • Many inventory plus  falling prices make importers more hesitant to buy in bulk
  • The next big purchase will be around the beginning of Q3 to prepare for Thanksgiving
  • Difficulties in the logistics such as high transportation costs, shipping delays and prolonged lack of containers also lead to reticent purchases.
  • High packaging costs and scared of delivery trucks
  • Global oil price inflation exacerbates the problem

Compiled by Thuy Linh

(Source: https://seafood.vasep.com.vn/)

https://seafood.vasep.com.vn/total-seafood-trade/news/vietnam-seafood-exports-to-the-us-reached-more-than-1-1-billion-usd-24915.html