AsemconnectVietnam - Vietnam's crab exports continued to decline in March 2023.

 Export value this month reached 11 million USD, down 37% over the same period. The total value of crab exports in the first 3 months of the year was nearly 30 million USD, 42% lower than the same period in 2022. This decline is due to inflation still causing the demand for crabs to decrease in most of the main markets.
Compared to the same period in 2022, Vietnam's export market of crabs and other crustaceans is narrower. By the end of March, these products have been exported to 20 markets around the world. In particular, the CPTPP market (countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership), the US, China and Hong Kong, the UK and the EU are the 5 biggest importers of Vietnamese crabs and crustaceans.

In the CPTPP market, crab export turnover to this market in the first quarter of 2023 increased by 82%, reaching more than 14 million USD. Currently, Japan is the leading importer in this market block in importing crabs from Vietnam, accounting for nearly 94%, reaching nearly 14 million USD, up 101%.
Meanwhile, the exports of crabs and other crustaceans to the US, China and Hong Kong, the UK and the EU all decreased over the same period by 49%, 83%, 49% and 75% respectively.

Currently, inflation in the markets has shown signs of cooling down, food prices have dropped significantly.

Consumption activities in many economies like Japan, the US, etc have recovered, consumer confidence has been continuously strengthened in recent months. Therefore, the demand for seafood in the markets will gradually recover. However, demand for high-end products such as crabs will hardly recover in the next quarter.

Compiled by Thuy Linh
Source: Vasep