According to the Vietnam Association of Seafood Exporters and Producers, the seafood market is showing signs of improvement. The US has returned to its position as Vietnam’s largest seafood export market. However, the consumption market is expected to recover slowly.
The General Department of Customs said that in May, seafood export Vietnam's seafood exports reached 809.5 million USD, down 23% over the same period last year, but up more than 7% over the previous month, equivalent to an increase of 66 million USD. In the first 5 months of the year, Vietnam's seafood exports reached nearly 3.4 billion USD, down 27.9% over the same period in 2022.
Vietnam's seafood exports in May continued to decline due to lower demand in major markets due to the impact of inflation and high interest rates. However, there was a better signal when the rate of decline in exports to some major markets such as the US, China, Japan, Australia, the Netherlands, etc. slowed down compared to the first months of 2023.
In which, the US returns to market position largest seafood exporter Vietnam's seafood exports to this market in May reached 150.9 million USD, down 36.9% over the same period last year. In the first 5 months, Vietnam's seafood exports to this market reached 562.5 million USD, down 48.3% over the same period in 2022.
The Vietnam Association of Seafood Exporters and Producers (VASEP) also stated that in May, seafood export turnover was the highest since the beginning of the year, showing signs that the market is gradually improving.
“Key products are gradually decreasing their decline compared to the same period last year. Exports to key markets such as the US, EU, China, Japan, and South Korea all achieved the highest sales since the beginning of the year,” VASEP assessed.
In the first half of June, seafood exports reached 344 million USD, bringing the export value of this item to 3.72 billion USD by mid-June.
Although seafood exports have shown positive signs compared to the beginning of the year, according to many seafood businesses, from now until the end of the year, the seafood consumption market is unlikely to recover, or if it does, it will recover slowly.
Specifically, according to VASEP, in some large markets such as the US and EU, in addition to expecting a more positive economic and inflation situation, the most important issue for importers is to resolve inventory levels.
In 2022, these markets imported massively, and before they could consume, they immediately encountered an inflation shock, so high stock, low price Not to mention cheap goods from other countries like Ecuador and India almost overwhelm Vietnamese products.
As for the Chinese market, after nearly half a year, the recovery of this market is still sluggish, even Vietnam's seafood exports to this market have decreased by nearly 30%. However, VASEP assessed that in the second half of the year, the market's performance may be more positive than at the beginning of the year, when Chinese people adapt better to the new context, the tourism , restaurant, hotel and basic consumption sectors will gradually recover.
VASEP believes that the biggest concern of businesses today is high input costs, low selling prices, farmers and businesses abandoning their ponds, which will lead to the consequence that when the market recovers, there will be no more raw materials for processing and exporting, and once again, Vietnamese seafood will lose its position compared to other countries.
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