AsemconnectVietnam - Vietnam's seafood exports reached 6.6 billion USD in the first nine months of this year, a 22.6% decrease from the same period of the previous year.

Exports fell significantly (by 27%) in the first half of the year, but starting in June, the negative growth trend began to narrow. Particularly in September 2023, export sales were just 5% lower than the same period last year.
As a result, the third quarter's total seafood export turnover is just 12% lower than the third quarter of 2022, which is also the smallest decline in the year's first three quarters.
The overall export picture shows that main items such as shrimp, pangasius, and tuna all had a larger fall in export sales than other species during the first nine months of this year. Pangasius exports were the most affected (-31%), followed by shrimp (-26%), and tuna (-24%). Meanwhile, compared to the same period in 2022, cephalopod, crabs and shellfish declined by 10-18%, while other marine fish decreased by only 8%.
The group of three key products, including shrimp, pangasius and tuna, all showed more positive signs in the third quarter, with the highest export turnover and the lowest negative growth since the beginning of the year. After a decrease of 28% in the second quarter, in the third quarter, shrimp exports were only 13% lower than in the same period 2022. Meanwhile, pangasius sales were 12% lower, and tuna sales were down nearly 8%, compared to -41% and -31%, respectively, in the second quarter this year.
Vietnam is the largest market for shrimp in Korea.
Shrimp demand in Korea is forecast to grow by an average of 8.9% per year in the period 2023–2033, opening up great opportunities for Vietnamese shrimp in Korea.The market space is still very large.
According to statistics from the International Trade Center (ITC), in the first 10 months of 2023, Korea's imports of shrimp reached 640.2 million USD, down 21.9% of total export volume over the same period in 2022. Economic difficulties and high inflation caused Korea's demand for imported shrimp in 2023 to decrease sharply compared to the same period in 2022.
Vietnam is the largest market supplyer of shrimp to Korea in the first 10 months of 2023, reaching 295.38 million USD, down 20% of total export volume over the same period in 2022.
Although exports of shrimp to Korea have decreased, Vietnam still maintains its position as the largest supplier of shrimp in Korea, with a proportion of 46.1% in the first 10 months of 2023, an increase compared to 45% in the first 10 months of 2022.
Notably, Korea is increasing import of shrimp from India; imports from India in the first 10 months of 2023 increased by 41.6% of proportion compared to the same period in 2022. The proportion of shrimp imports from India into Korea increases from 2.2% in 10 months of 2022 to 4.0% in 10 months of 2023.
Regarding imported shrimp types, in the first 10 months of 2023, Korea reduced imports of most shrimp types, except for imports of dried, salted, smoked, and brine shrimp (HS code 030695), which increased slightly, and imports of processed freshwater shrimp (HS code160529) increased sharply. However, the import proportion of these two types of shrimp is low.
According to a report by Future Market Insights, Inc., shrimp demand in Korea is predicted to grow by an average of 8.9% per year in the period 2023–2023. Accordingly, shrimp sales in this country are forecast to increase significantly, from an expected level of 2.75 billion USD in 2023 to about 6.45 billion USD in 2033.
Vietnam's pangasius exports may only reach 1.8 billion USD in 2023
As of November 15, 2023, Vietnam pangasius export turnover reached 1.6 billion USD, down nearly 28% compared to the same period in 2022.
In 2023, Vietnam's pangasius import markets all tended to decrease. Of which, China decreased by nearly 22%, the US decreased by over 53%, and the EU decreased by over 17%. Although markets like Germany, England, Brazil, and Saudi Arabia grew positively over the same period in 2022, they only accounted for a small proportion.
It is estimated that in 2023, the country's pangasius farming area reached about 5,700 ha, with pangasius output of 1.6 million tons, and pangasius export turnover reached 1.8 billion USD, equivalent to 75% of the same period in 2022.
The decline in the pangasius industry in 2023 is due to political instability and global inflation, resulting in decreased demand for seafood products, export activities facing difficulties, and high inventories. Vietnam pangasius products are still monotonous and value-added products account for a small proportion, so there is little competition and low commercial value.
Belgium is out of top 3 EU markets importing Vietnamese tuna
In 2022, Belgium was Vietnam's third-largest tuna import market in the EU, with a growth rate of 65% compared to 2021. However, in 2023, tuna exports to Belgium have declined under the impact of inflation. Belgium is no longer one of Vietnam's three largest tuna import markets in the EU.
According to statistics from Vietnam Customs, tuna exports to Belgium have continuously decreased so far this year. Cumulatively, in the first 10 months of 2023, tuna exports to Belgium reached more than 9 million USD, down 48% compared to the same period in 2022.
Compared to the previous year, exports of frozen tuna loin/meat products HS code 0304, Vietnam's main export product to Belgium, decreased sharply by 55%. Meanwhile, exports of processed and canned tuna increased by 7%.
Vietnam is currently the 4th largest non-EU supplier of tuna to the Belgian market, after Ecuador, the Philippines, and Ivory Coast. In 2023, Belgium reduces tuna imports from Vietnam and Ecuador while increasing tuna imports from the Philippines and Ivory Coast.
According to Eurostat statistics, Belgium's canned tuna imports in the first 8 months of 2023 increased by 13%, while frozen tuna meat/loin imports decreased by 49% over the same period.
T.Huong
Source: Vitic/Vasep