| Vietnam is the 7th largest seafood supplier in the Chinese market. How much is expected to be earned from shrimp exports in 2023? |
According to the Vietnam Association of Seafood Exporters and Producers, seafood exports in October 2023 are estimated to reach over 863 million USD, down slightly by 5% compared to the same period in 2022. By the end of October this year, seafood exports earned nearly 7.5 billion USD, down 20% compared to the same period last year.
 |
| In the first 10 months of 2023, seafood exports earned nearly 7.5 billion USD |
By the end of October 2023, shrimp accounted for 38% of seafood export turnover with a value of over 2.8 billion USD, down 24% compared to the same period last year. In October alone, shrimp exports reached about 320 million USD, down 11% compared to October 2022.
Shrimp export developments in the final months of the year and in 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 in the same period last year. The drop in import prices has not only affected Vietnam’s exports but also the Indian shrimp industry.
The seafood industry has been in a global shrimp glut for more than a year. Average import prices in the United States, the European Union, and China in 2023 have fallen by 13.4%, 10%, and 2.7%, respectively. US consumption and import forecasts are more positive this November and December.
Pangasius exports in October reached 189 million USD, a slight increase of 5% over the same period in 2022. Accordingly, by the end of October, pangasius exports reached over 1.5 billion USD, down 28% over the same period last year.
It seems that pangasius exports are showing more positive signs, following positive information about the US market. After the FSIS inspection program, Vietnamese pangasius is rated well for food safety.
In addition, the preliminary results of the 19th review (POR19) of frozen pangasius fillets exported from Vietnam to the US in the period from August 1, 2021 to July 31, 2022 have a much lower tax rate than the previous period. Although not the final result, this is good news for Vietnamese pangasius exporters to the US market.
Demand for pangasius in the US market is also recovering. The US Department of Agriculture (USDA) is currently seeking to purchase 5.96 million pounds of frozen pangasius and catfish fillets for use in domestic food distribution programs. This is the department’s third largest catfish purchase in 2023, following the purchase of 6.2 million pounds of unbreaded catfish fillets worth $41.8 million (€38 million) in March.
Demand for pangasius in China has dropped significantly since the beginning of 2023, but sales of breaded pangasius fillets are showing signs of improvement in this market... In the first 8 months of this year, China imported 11,900 tons of pangasius from Vietnam, down 41% compared to 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 a price of 5.47 - 6.83 USD/serving. This product also receives positive feedback from Chinese consumers.
Tuna and crab exports in October showed a more positive trend with double-digit growth, up 13% and 40% year-on-year, respectively, reaching 87 million USD and 28 million USD. By the end of October, tuna brought in 704 million USD in foreign currency, down 20%, and crab brought in 164 million USD, down 12% compared to the same period last year.
Squid, octopus and shellfish products continued to see negative growth of 10-13% in October. In the first 10 months of the year, squid and octopus exports recorded over 540 million USD, down 14%, and shellfish exports reached over 109 million USD, down 10%. Exports of other marine fish except tuna reached about 1.6 billion USD, down 8%, with October alone reaching 166 million USD, down 11%.
Consumption of tuna, squid, octopus and some high-end seafood continues to be affected by economic downturn, high inflation and cautious consumer spending. To keep popular and high-end seafood products accessible to most consumers, seafood processors and traders are tending to package products in smaller sizes and at prices suitable for all income groups. This trend is expected to stimulate demand for seafood better in the coming time.
Source link
Comment (0)