Seafood exports earn 1.3 billion USD in 2 months, strong recovery expected

According to information from the General Department of Customs ( Ministry of Finance ), the Ministry of Industry and Trade and VASEP, the value of seafood exports in the first two months of this year increased by 22.3% over the same period in 2023, reaching 1.3 billion USD.

Shrimp exports increased sharply in the first two months of this year

Specifically, in January, seafood exports had a breakthrough and grew strongly, reaching 750 million USD, an increase of 64% compared to January 2023. Export items to key markets all increased sharply.

In particular, seafood exports to China and Hong Kong markets increased three times compared to the same period in 2023. Seafood exports to the US market increased by 63%, Japan increased by 43%, and European countries increased by 34% compared to January 2023. In February, the value of seafood exports was estimated at 550 million USD.

Also according to the General Department of Customs, in January, shrimp of all kinds, tra fish, and basa fish were all seafood products with the highest growth in both quantity and value compared to the same period in 2023.

Of which, shrimp exports in January reached 29,000 tons, worth 239.36 million USD, up 78.8% in volume and 71.8% in value. Pangasius and basa fish exports increased 119.6% in volume and 97.1% in value. In addition, exports of major seafood products such as tuna, squid, fish cakes, etc. all increased sharply compared to the same period in 2023.

Ms. Nguyen Thi Sac, President of VASEP, said that currently, seafood enterprises are still facing difficulties such as oversupply, large inventories, low purchasing prices, and great competitive pressure...

However, the growth in seafood exports in the first month of the year has made businesses confident and hopeful for a stronger recovery of the seafood industry this year. The seafood business community has made decades of efforts from raw materials, finance, production, certification and quality to penetrate the most demanding markets such as Europe, the US, Japan and China.

Besides, after the Covid-19 pandemic, seafood businesses are now exploiting and developing new products and markets with great potential such as: India, Middle East, ASEAN...

The Chairman of VASEP said that with the efforts, flexibility and adaptation of seafood enterprises and the support of the Government and ministries and branches, seafood exports this year will be higher than in 2023, possibly reaching 9.5 billion USD.

Seafood exports set a historic milestone in 2022 with more than 11 billion USD, but in 2023 they decreased to only more than 9 billion USD.

According to VASEP, high inflation, reduced demand, large inventories, reduced export prices and difficulties and inadequacies in domestic production and business such as: increased input costs for the entire supply chain, IUU yellow card affecting exports to European markets... These are the basic reasons causing seafood exports to decrease by 18% compared to 2023.

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