Many large countries reduce imports, exports of Vietnamese seafood ‘plunge’

HANOI, Vietnam (NV) – The “Top 5” markets leading seafood imports decreased their purchases, causing Vietnam’s export turnover of this industry to decrease sharply.

VNExpress newspaper on November 20, data from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that because large countries such as the US, China, Japan, South Korea, and Australia reduced purchases, seafood export turnover decreased. Vietnam’s assets in the past 10 months only reached $7.4 billion, down 21% over the same period last year.

Specifically, shrimp exports reached $2.8 billion, down 28% over the same period last year; Pangasius reached $1.5 billion, down 29%; Tuna about $693 million, down 22%; Squid, octopus, crab, crustaceans and other aquatic products will decrease by 9%-15% compared to the same period in 2022.

According to VASEP, the US – Vietnam’s largest seafood import market, saw import turnover decrease by 32% in ten months and only reached $1.3 billion. The second largest market, China, also decreased by 15% over the same period, reaching $1.3 billion. The remaining markets are Japan, South Korea and Australia, down 14%-21%.

According to Ms. Le Hang, VASEP communications director, Vietnam’s seafood exports have dropped sharply due to “increased economic and political fluctuations in the world.” In addition, inflation causes consumer demand as well as business plans in markets to plummet.

However, according to VASEP, the situation will be “brighter” because over the past year, the seafood industry has been in a state of “shrimp surplus worldwide.” However, it is forecast that the situation of shrimp consumption and import in the US will be more positive in the last two months of this year.

In addition, although the demand for pangasius products in China has decreased sharply, in return sales of breaded pangasius fillets “are showing better signs.”

In the US, the US Department of Agriculture (USDA) is looking to buy 5.96 million pounds of frozen pangasius and catfish fillets for use in domestic food distribution programs. This is USDA’s second largest catfish purchase in 2023, following the purchase of 6.2 million pounds of unbreaded catfish fillets worth $41.8 million last March. (Tr.N)