Monday, April 15,2024 - 7:55 GMT+7  Việt Nam EngLish 

Vietnam seafood market update: seafood exports estimated at 9.2 billion USD in 2023 

 Thursday, February 8,2024

AsemconnectVietnam - Seafood export revenue in 2023 was estimated to reach 9.2 billion USD, equivalent to 92% of the annual target, according to the Department of Fisheries at the Ministry of Agriculture and Rural Development.

Shrimp is the largest contributor to total export turnover, with about 3.4 billion USD, followed by pangasius with 1.8 billion, tuna with 845 million.
Vietnam's shrimp exports reached 3.4 billion USD in 2023
By the end of 2023, Vietnam's shrimp exports reached 3.4 billion USD, down 21% compared to 2022. The decrease in export figures reflects a year of challenges for Vietnam's shrimp industry.
n 2023, after a continuous decline in the first months of the year, Vietnam's shrimp exports to the US grew by 2 digit growhts from July until the end of the year. In this year, shrimp exports to the US reached 682 million USD, down 15% compared to 2022.Additionally, US shrimp import data in November 2023 recorded the 5th consecutive month of growth. Declining inventories, better indicators of the US economy, higher demand for the end of the year. Inflation in the US fell sharply in 2023. By November 2023, inflation dropped to 3.1%, from a peak of 9.1% in June 2022. The US Federal Reserve (FED) has issued messages to stop raising interest rates and consider lowering these rates in 2024.Vietnam's shrimp exports to the US will increase slightly in 2024 as food demand improves, inflation cools down, and retail sales in the US recover.Shrimp exports to the Japanese market in 2023 continuously declined due to high inflation, a sharp decline in the Yen, affecting the purchasing decisions of Japanese importers. In 2023, shrimp exports to this market reached 511 million USD, down 24% compared to 2022. In the last month of 2023, shrimp exports to this market recorded an increase of 6% over the same period in 2022.
In 2023, the Russia-Ukraine war, consumers saving money, rising prices, rising gasoline, and depreciating EUR are the reasons for slow demand in this market. People chose cheap food, smaller shrimp, importers limited buying to free up inventory and limit losses. In 2023, Vietnam's shrimp exports to the EU reached 421 million USD, down 39% compared to 2022.
In 2023, shrimp exports to China were in a general downtrend, but China is the market with the least decline among the main import markets. In 2023, Vietnam's shrimp exports to China & HK reached 607 million USD, down 8% compared to 2022.
China's shrimp import demand still increased strongly, but because there were too many suppliers "rushing" into this market with low asking prices. Therefore, Vietnamese shrimp is difficult to compete on price.
Vietnam's pangasius exports reached 1.8 billion USD in 2023
In 2023, Vietnam's pangasius exports reached 1.8 billion USD, down 25% compared to 2022. In 2023, Vietnam's pangasius exports faced many difficulties because demand declined, especially in the European and Chinese markets. However, in the last months of 2023, exports recorded positive growth, which is a positive signal for the industry in 2024.
Although the market share of pangasius decreased in some large markets, pangasius exports to smaller markets such as Mexico, Canada, Brazil, and the UK all showed positive signs.
According to data from the Ministry of Agriculture and Rural Development of Vietnam, the total pangasius farming area in 2023 reached nearly 5,700 hectares, and the output reached 1.6 million tons. In 2024, pangasius production is planned to reach 1.7 million tons with export revenue of 2 billion USD.
In 2023 also a significant increase in pangasius farming production in other countries. The production of pangasius farming in Indonesia is about 600 thousand tons, in India it is 668 thousand tons, in Bangladesh it is 500 thousand tons, and in China, it is 400 thousand tons, and the production in these countries will continue to increase soon.
Vietnam's annual pangasius productivity and production are still high, but they have to compete with many countries. Therefore, to promote exports, enterprises need to change strateries to promote trade, improve markets, and take advantage of processed by-products to create new values. In 2024, it is predicted that the demand for Vietnamese pangasius in many markets will be higher, especially for processed products.
In 2023, the CPTPP market had imported nearly 249 million USD of pangasius from Vietnam, down 24% of proportion compared to 2022. CPTPP is also a market that had seen a deep decline in pangasius imports in 2023, but there are signs of growth returned in the last quarter of 2023. In December 2023, the value of pangasius exports to this market reached its highest level since the beginning of the year, a slight increase of 7% over the same period. After 5 years, the CPTPP agreement has opened more opportunities for Vietnamese pangasius to come closer to every meal of consumers in this market block.
In 2023, pangasius exports to four main markets had decreased significantly. Vietnamese seafood exports, including pangasius, had faced many difficulties such as economic recession, consumers limiting spending, large inventories and global inflation.
Vietnam tuna exports reached 845 million USD in 2023
Vietnam's tuna industry closes in 2023 with a slight growth in the last month of the year, up 7% over the same period in 2022, reaching 73 million USD. Thus, for the whole year 2023, Vietnam's tuna industry had earned 845 million USD, down 17% compared to 2022.
In December 2023, Vietnam's tuna exports to many markets had increased over the same period such as the EU, Russia, Chile, and the Philippines... Exports to the US, Canada, Japan, or Israel had decreased, however, the decrease was not sharp.
Exports to the US, Vietnam's largest tuna import market, after continuous growth in October and November, decreased slightly in December. Tuna exports to the US reached 25 million USD this month, down 1%. For the whole year 2023, tuna exports to the US had reached 326 million USD, down 33%.
Along with the US, Vietnam's 2nd largest single tuna import market, Israel, is also decreasing imports by 6% in December. However, due to good growth in the previous months, exports to this market for the whole year 2023 had increased by 37%, reaching more than 50 million USD.
Huong
Source: Vitic/Vasep

  PRINT     BACK


 © Vietnam Industry and Trade Information Center ( VITIC)- Ministry of Industry and Trade 
License: No 56/GP-TTDT issued by the Ministry of Information and Communications.
Address: Room 605, 6 th Floor, The Ministry of Industry and Trade's Building, No. 655 Pham Van Dong Street, Bac Tu Liem District - Hanoi.
Tel. : (04)38251312; (04)39341911- Fax: (04)38251312
Websites: http://asemconnectvietnam.gov.vn; http://nhanhieuviet.gov.vn
Email: Asem@vtic.vn; Asemconnectvietnam@gmail.com 

 

Hitcounter: 25710634154