This year, the number of businesses participating in this fair increased sharply, especially in the Asia and Pacific region. Many traditional partners and new importers came to the fair with the desire to find Vietnamese products. Therefore, this year's Fair is expected to promote Vietnam's seafood trade with the US and other importing countries.

Exports to the US tended to decline from the last quarter of 2022 and continued to decline deeply in the first 2 months of 2023. Up to now, the US only accounts for 14.5% of Vietnam's total seafood exports, but still holds the No. 1 import market position.

Although inflation has slowed down, gasoline prices have fallen, but production costs and prices of practical products in the US remain high. Consumers still have to tighten their spending during this period, they prefer to consume products with lower prices.

After a continuous decline in the fourth quarter of 2022, Vietnam's exports of crabs and other crustaceans in the first two months of 2023 have not shown any signs of recovery. Crab export turnover in the first 2 months of 2023 reached nearly 19 million USD, down 2% compared to the same period in 2022.

Exports of fresh/frozen/dried/salted crab and crustacean products decreased by 44%. Export of canned products decreased by 74%. Export of processed products increased by 18%.

High inflation has reduced purchasing power in many import markets. Thus, Vietnam's exports of crabs and other crustaceans in the first two months of 2023 have decreased compared to the same period in 2022.

Currently, Japan, the US, China, Canada and the UK are the 5 largest crab import markets of Vietnam, accounting for 94% of the total export turnover in the first two months of the year.

In the Japanese market, exports of crabs and other crustaceans continue to grow from the fourth quarter of 2022. Export turnover in the first two months of 2023 increased by 128% over the same period, reaching more than 8.1 million USD. This growth has taken Japan from the third largest importer in the first two months of 2022 to the first position this year.

Along with Japan, Vietnam's crab exports to the UK also increased during this period. Exports to this market reached 338 thousand USD, up 33% over the same period in 2022.

 In February 2023, Vietnam's shrimp exports reached $194 million, down 21% over the same period. Accumulated in the first 2 months of this year, shrimp exports reached 335 million USD, down 40%.

Shrimp exports fell sharply in the first two months of this year due to sluggish market demand, high inflation, high inventories in the US, tight consumption in the EU due to economic difficulties. In addition, the strong decline can be explained as this time last year, shrimp exports increased too strongly (with $ 558 million, up 48% over the same period in 2021).

In February 2023, shrimp exports to main markets decreased from 12% to 35%, some markets showed signs of growth such as China, Australia and France, increased from 4-7%. Among the top 5 main import markets, shrimp exports to the US and EU decreased dramatically; shrimp exports to Japan and Korea also decreased but slightly; exports to China recovered, up 4%.

In the first 2 months of the year, shrimp exports to the US, EU and Japan increased from 51-58 million USD. Exports to Korea reached $46 million, exports to China&HK reached $34 million. Exports to these markets in the first 2 months of this year decreased by 16%-51% over the same period.

 Vietnam pangasius exports to Germany optimistic in the first 2 months of 2023

In the first two months of 2023, Germany was among the few markets that recorded positive growth in imports of Vietnamese pangasius. While pangasius exports to the top 10 markets all decreased by 8% - 60% over the same period, Germany - the 9th ranked market still maintained a growth rate of 81%.

By the end of February 2023, pangasius exports to Germany reached more than US$6.2 million, an increase of 81% over the same period in 2022 and accounted for 2.6% of the total export value of Vietnamese pangasius to markets. The proportion of the German market in the first two months of this year was much higher than that of the same period last year (only 0.9%). 

In 2022, Germany is also in the top 2 importing markets of Vietnamese pangasius in the EU after the Netherlands, accounting for 1.2% with nearly 30 million USD, up 37% compared to 2021.

In the first two months of 2023, pangasius under code 0304 (except for fish cakes and surimi products) accounted for 98.3% of total pangasius exports to Germany, while live/fresh/frozen/dried pangasius (under code 03) (except fish under code 0304) accounted for only 1.7%. In these two months, Vietnam has no processed pangasius products to export to Germany, possibly due to the inflation factor that makes consumers tend to pay more attention to frozen products to save costs. 

 In January 2023, Japan was one of the few tuna import markets of Vietnam that maintained a good growth rate. Vietnam's tuna export value to this market reached nearly 2.3 million USD, up 38% over the same period in 2022.

The decrease in catch of the domestic fleet is causing Japan to increase imports of fresh and frozen tuna from other countries, including Vietnam. Moreover, in the first period of 2023, the tariff preferences under the agreement that Japan offers to Vietnam in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are restarting, which is creating advantages for Vietnamese tuna products.

This year, Japan increased imports of fresh, frozen and dried tuna products from Vietnam while decreasing imports of processed and canned tuna products. Vietnam's export value of tuna meat/loin products accounts for the highest proportion of 52% of the total tuna export value to this market. Over the same period, exports of this product group increased by 162%. Vietnam exports mainly frozen yellowfin tuna to the Japanese market.

T.Huong

Source: Vitic/Vasep