Positive signals from the US market.

According to statistics from the General Department of Customs, in August 2023, Vietnam's seafood export turnover reached nearly 858.8 million USD, an increase of 10.2% compared to the previous month but still a decrease of 13% compared to August 2022.

This marks the ninth consecutive month that Vietnam's seafood export value has decreased compared to the same period last year, but it is the lowest decrease since March 2023.

In the first eight months of 2023, Vietnam's seafood exports reached US$5.79 billion, a decrease of 24% compared to the same period in 2022. This decrease is also becoming smaller compared to previous months.

Specifically, shrimp exports reached $2.2 billion, down 28%; pangasius exports reached $1.2 billion, down 34%; tuna exports reached $545 million, down 25%; squid exports reached $417 million, down 15%; crab and lobster exports reached $114 million, down 20%; and other seafood exports reached $1.3 billion, down 9%.

Notably, in August, exports to the US market recorded positive growth for the first time since September 2022, offsetting the decline in exports to most other major markets, as the US is currently the largest customer for Vietnamese seafood.

Specifically, in August 2023, Vietnam's seafood exports to the US reached $165.25 million, the highest level since July 2022 and a 5.3% increase compared to the same period in 2022. For the first eight months of 2023, seafood exports to this market totaled nearly $1.02 billion, still down 37.2% compared to the same period last year.

Meanwhile, seafood exports to Japan, the second largest market, fell sharply by 21.9% in August compared to the same period in 2022, reaching $135.1 million – the highest decrease since the beginning of the year. By the end of August 2023, seafood exports to Japan totaled $973.9 million, down 13.4% compared to the same period in 2022.

Seafood exports to China in August 2023 declined again after increasing in July 2023, reaching US$124.75 million, down 6.4% compared to August 2022. In the first eight months of 2023, Vietnam's seafood exports to the Chinese market reached US$874.36 million, down 17.7% compared to the same period last year.

Boosting exports during the recovery phase

Despite the continued negative growth in seafood exports, Ms. To Thi Tuong Lan, Deputy General Secretary of the Vietnam Association of Seafood Processing and Export (VASEP), believes that the market is showing positive signs for Vietnamese seafood exports in the remaining months of the year.

In particular, Vietnam's billion-dollar pangasius fish not only passed the inspection of farming areas, meeting the requirements to continue exporting to the US, but also received good news about a reduction in anti-dumping duties compared to the previous year.

Ms. Lan expects this to provide a basis for businesses to increase selling prices in the US and other markets.

According to Mr. Le Van Quang, General Director of Minh Phu Seafood Group Joint Stock Company, the end of the year with major festivals, followed by the Lunar New Year in Asia, will help increase shrimp consumption, while retailers' inventories have decreased and they need to import more.

In fact, for seafood export businesses, the last months of the year are considered the "golden season," as demand from markets increases sharply to serve the festive season.

Seafood exports are expected to surge in the final months of the year (Photo: Minh Dung)

However, industry experts believe that it is crucial for domestic seafood businesses to maintain close contact with importers, focusing on securing markets with high demand. This will enable them to boost exports during the recovery phase.

In particular, focus on exporting to China because it is a market with relatively fast recovery. At the same time, capitalize on demand from the US market, as their inventories are almost depleted and inflation is cooling down.

Commenting on the seafood export situation in the last months of the year, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that last year the export value reached 11 billion USD. This year faces many difficulties, with reduced orders, but there are positive signs from export markets.

Regarding China's ban on importing seafood from Japan following Japan's discharge of treated nuclear wastewater into the sea, he believes this is also an opportunity for Vietnam.

Furthermore, Japanese consumers are becoming more cautious about consuming domestic seafood, thus turning to imported seafood more often. Other markets are also considering importing from Japan and its neighboring countries, creating opportunities for Vietnamese seafood to boost exports.

The Ministry of Agriculture and Rural Development has directed the Fisheries Department to organize a conference on fisheries development in the new context to proactively find solutions for raw materials in order to promote and achieve the target of 10 billion USD, Deputy Minister Tien said.

vietnamnet.vn