AsemconnectVietnam - In November of 2023, Vietnam’s seafood exports increased by 6% compared to November of 2022, reaching nearly 840 million USD. In particular, the main export products all increased higher than the same period last year.

According to a report by the Vietnam Association of Seafood Exporters and Producers (VASEP), by the end of November of 2023, Vietnam's seafood export turnover was estimated to reach 8.27 billion USD, down by 19% over the same period last year. In November of 2023 alone, the country’s exports increased by 6% compared to November of 2022, reaching nearly 840 million USD.
According to Ms. Le Hang, Communications Director of VASEP, except for shellfish, whose turnover was still lower than the same period, the exports of main products in November of 2023 were all higher than the same period last year. Of which the exports of shrimp increased by 4%, the exports of tuna increased by 26%, the exports of pangasius increased by 12%; the exports of squid, octopus increased by 3%, and the exports of other sea fish increased by 4%.
By the end of November of this year, Vietnam’s pangasius exports reached nearly 1.7 billion USD, still 26% lower than the same period last year. The decline in average export prices in main markets, especially the US and China, has pulled the value of pangasius exports lower than in 2022. However, pangasius exports are showing more positive signs in some markets, such as China, Mexico, Canada, Brazil and the U.K.
In addition to the main product of pangasius fillets, by-products such as dried pangasius bladder and pangasius balls are attracting interests of many markets such as the US, China, Malaysia, and Singapore.
Shrimp exports by the end of November of 2023 were estimated to reach 3.15 billion USD, down by 22% over the same period last year. Shrimp exports were also influenced by price competition in the context of excess world shrimp supply and low selling prices. The exports to most major markets were lower than the same period last year, except for a few small markets such as Hong Kong (China) and Switzerland, which increased by 5%, and Taiwan (China) which increased by 19%.
China will likely maintain a strong import trend in the last quarter of 2023 to compensate for the peak consumption season of December of 2023, January and February 2024. However, in the United States, the increase in consumer demand will be met by imports from Latin America due to lower logistics costs.
Many difficulties still ahead
According to Ms. Le Hang's analysis, usually the last two months of the year are the period when seafood exports plummet to the lowest level of the year (except for February during the Lunar New Year holiday). Therefore, although the total export turnover of seafood and some key products recorded positive growth in November this year, it did not show a positive trend because compared to previous months there was no breakthrough in sales.
According to VASEP, with current developments, seafood exports in 2023 are estimated to reach about 9 billion USD, down by 18% compared to 2022. Of which, the exports of shrimp will earn about 3.4 billion USD, at least 21% more than last year, the exports of pangasius are estimated to reach 1.8 billion USD, down by 25%, the exports of tuna are estimated at 850 million USD, down by 15%; and the exports of squid and octopus are estimated at 660 million USD, down by 14%.
Although seafood exports have prospered, according to Ms. Vuong Thi Oanh, representative of the Import-Export Department (under the Ministry of Industry and Trade), the export picture of the seafood industry in 2023, although improving, but still has many difficulties. These difficulties are expected to last from now until the end of the year and into 2024. However, businesses have many opportunities to expand market share, because for many years, Vietnamese seafood products have competed on the basis of processing force. This has helped create export products with high value and good prices, overcoming limitations in production and transportation costs.
CK
Source: VITIC/haiquanonline.com.vn