Markets are gradually recovering, seafood exports in the fourth quarter are expected to reach 2.4 billion USD, helping the whole year's turnover reach 9 billion USD, according to VASEP.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said that after a sharp decline in the first half of the year (-27%), the negative growth rate has gradually narrowed since June. In September alone, export turnover was only 5% lower than the same period last year.
The group of three key products including shrimp, pangasius, and tuna all showed positive signs in the third quarter. With shrimp, after a 28% decrease in the second quarter, in the last quarter, exports of this item were only 13% lower than the same period in 2022. Or pangasius had sales 12% lower and tuna decreased by nearly 8%, compared to double-digit decreases in the second quarter of 41% and 31%, respectively.
Crab and crab products (mainly crabs) also had a remarkable increase in export turnover in the third quarter, more than 1.5 times higher than the second quarter and up 2% over the same period last year.
Overall, total seafood export turnover in the third quarter was only 12% lower than the same period last year, also the smallest decrease in the first three quarters of the year.
Among the major market blocs, the Middle East has been considered an attractive destination for Vietnamese seafood enterprises in the past two years, in the face of fluctuations in war, inflation, and energy price crisis.
In the third quarter, this market block alone had a positive import growth rate of seafood from Vietnam, at 2%. In the first 9 months of the year, this block also had the lowest decrease. The ASEAN and CPTPP market blocks decreased by 15% and 20% respectively compared to the same period. Major consumer markets such as the US, EU, China, and South Korea all decreased by 17-34%. Exports to Japan decreased less (-13%).
VASEP assessed that seafood exports in the last quarter have improved but there has not been a strong breakthrough to see a stable trend in the coming time. The level of recovery in seafood export sales in the coming time depends largely on two markets, the US and China. Currently, both of these markets have shown positive signs in terms of demand as orders increase again. However, export prices are still lower than the same period last year.
VASEP said that with the gradual recovery of markets, seafood exports in the fourth quarter are forecast to 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 (achieving the set target), 17% lower than in 2022.
Duc Minh
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