AsemconnectVietnam - By the end of October of 2023, Vietnam’s seafood exports earned nearly 7.5 billion USD, down by 20% over the same period last year.

Vietnam Association of Seafood Exporters and Producers said that seafood exports in October of 2023 were estimated to reach over 863 million USD, a slight decrease of 5% compared to the same period of 2022. By the end of October this year, the country’s exports of seafood earned nearly 7.5 billion USD, down by 20% over the same period last year.
By the end of October of 2023, shrimp accounted for 38% of seafood export turnover with a value of over 2.8 billion USD, down by 24% over the same period last year. In October alone, shrimp exports reached about 320 million USD, down by 11% compared to October of 2022.
Shrimp export developments in the last months of the year and 2024 depend largely on fluctuations in the US market. Shrimp import volumes have begun to recover. However, US shrimp import prices are still much lower than the same period last year. Falling import prices not only affect Vietnam's exports, but the Indian shrimp industry is also struggling.
The seafood industry has had a worldwide shrimp surplus for more than a year. In the US, EU and China, average import prices in 2023 fell by 13.4%, 10% and 2.7%, respectively. It is forecast that the consumption and import situation in the United States will be more positive in November and December.
Pangasius exports in October reached 189 million USD, a slight increase of 5% over the same period of 2022. Accordingly, by the end of October, pangasius exports reached over 1.5 billion USD, down by 28% over the same period last year.
It seems that pangasius exports are showing more positive signs, after positive information about the US market. After the FSIS inspection program, Vietnamese pangasius was rated good for food safety.
In addition, preliminary results for the 19th review (POR19) for Vietnamese frozen pangasius fillets exported to the United States in the period from August 1, 2021 to July 31, 2022 had much lower tax rates than the previous period. Although it was not the final result, this is good news for businesses exporting Vietnamese pangasius to the US market.
The US market's demand for pangasius is also recovering. Currently, the United States Department of Agriculture (USDA) is looking to purchase 5.96 million pounds of frozen pangasius and catfish fillets for use in domestic food distribution programs. This is the ministry's third largest catfish purchase in 2023, following the purchase of 6.2 million pounds of unbreaded catfish fillets for a total of 41.8 million USD (EUR 38 million) in September 3.
Pangasius demand in China has decreased significantly since the beginning of 2023, but the sales of breaded pangasius fillets are showing signs of getting better in this market. In the first 8 months of this year, China imported 11,900 tonnes of pangasius from Vietnam, down by 41% over the same period last year.
However, sales of breaded pangasius fillets are still increasing, as this product appears more and more on restaurant menus in Northern China at prices of 5.47 - 6.83 USD/serving. This product also received positive feedback from Chinese consumers.
Tuna and crab exports in October tended to be more positive with double-digit growth, up by 13% and 40% respectively over the same period last year, reaching 87 million USD and 28 million USD. By the end of October, tuna brought in 704 million USD, down by 20%, and crab earned 164 million USD, 12% less than the same period last year.
Squid, octopus and shellfish products still maintained negative growth of 10-13% in October of this year. Totally in the first 10 months of the year, squid and octopus exports recorded sales of over 540 million USD, a decrease of 14%, the exports of shellfish reached over 109 million USD, down by 10% and the exports of other marine fish except tuna reached about 1.6 billion USD, down by 8%. In October alone, the figure reached 166 million USD, down by 11%.
The consumption of tuna, squid, octopus and some high-end seafood continued to be affected by economic downturns, high inflation, and consumers spending cautiously. In order for most consumers to still have access to popular and high-end seafood products, seafood processors and traders are tending to package products in smaller sizes, at prices suitable for consumers' budgets of all income classes. This trend is expected to stimulate better demand for seafood in the near future.
CK
Source: VITIC/congthuong.vn