Seafood exports could reach 9 billion USD for the whole year

10/25/2023 14:12 Van Hang Print article

ANTD.VN - According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in the fourth quarter could bring in about 2.4 billion USD, so for the whole year, the industry's export turnover will reach about 9 billion USD.

Seafood export picture in the first 9 months of 2023 (source: VASEP)

According to VASEP, in the first 9 months of this year, Vietnam's seafood exports reached 6.6 billion USD, down 22.6% compared to the same period last year. Exports decreased sharply in the first half of the year (-27%). Since June, the negative growth has gradually narrowed, with export turnover in September alone being only 5% lower than the same period in 2022.

Therefore, the total seafood export turnover in the third quarter was only 12% lower than in the third quarter of 2022 - also the smallest decrease in the first 3 quarters of the year.

The overall export picture shows that in the first 9 months of this year, the main products including shrimp, pangasius, and tuna all had sales that decreased more sharply than other species. Of which, pangasius exports decreased the most by 31%, shrimp decreased by 26%, and tuna decreased by 24%. Meanwhile, squid, octopus, crab, and shellfish decreased by 10-18%, while other types of marine fish were only 8% lower than the same period in 2022.

In the fourth quarter of the year, VASEP assessed that the recovery largely depends on two main markets: the US and China. Currently, both of these markets have positive signs in terms of demand. Orders from these two markets are increasing again, but export prices are still lower than the same period last year.

For example, the average export price of frozen pangasius fillets to the US market in the first 9 months of this year has been consistently 25-40% lower than the same period in 2022. In addition to other white fish species such as cod, pollock, and tilapia, pangasius exports to the US must compete with inventory from 2022. Experts predict that at least until 2024, the recovery opportunity will be more positive, when inventory pressure is no longer great.

For the Chinese market, not only Vietnam, but many other countries are also looking forward to a stable recovery after Covid-19, especially after the holidays this fall - a time when China's demand usually increases.

Because many suppliers target this market, the purchasing prices of Chinese exporters are low. However, this is still a potential destination for Vietnamese exporters, especially after China banned seafood imports from Japan.

With the gradual recovery of markets, VASEP forecasts that seafood exports in the fourth quarter could bring in about 2.4 billion USD, equivalent to the same period last year, bringing the export turnover for the whole year of 2023 to 9 billion USD, 17% lower than in 2022.

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