Bright signals from the US market

Statistics from the General Department of Customs show that in August 2023, Vietnam's seafood export turnover reached nearly 858.8 million USD, up 10.2% over the previous month but still down 13% compared to August 2022.

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

In the first 8 months of 2023, our country's seafood exports reached 5.79 billion USD, down 24% over the same period in 2022. This decrease is also gradually decreasing compared to previous months.

Specifically, shrimp exports reached 2.2 billion USD, down 28%; tra fish reached 1.2 billion USD, down 34%; tuna 545 million USD, down 25%; squid reached 417 million USD, down 15%; crab reached 114 million USD, down 20%; other aquatic products reached 1.3 billion USD, down 9%.

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

Specifically, in August 2023, Vietnam's seafood exports to the US reached 165.25 million USD, the highest level since July 2022 and an increase of 5.3% over the same period in 2022. In the first 8 months of 2023, seafood exports to this market reached nearly 1.02 billion USD, still down 37.2% over 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 USD - the highest decrease since the beginning of the year. By the end of August 2023, seafood exports to the Japanese market reached 973.9 million USD, down 13.4% compared to the same period in 2022.

Seafood exports to China in August 2023 decreased again after increasing in July 2023, reaching 124.75 million USD, down 6.4% compared to August 2022. In the first 8 months of 2023, Vietnam's seafood exports to the Chinese market reached 874.36 million USD, down 17.7% over the same period.

Boosting exports during recovery period

Although seafood export turnover still has negative growth, Ms. To Thi Tuong Lan - Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP) - commented that the market has positive signals for Vietnam's seafood exports in the last months of the year.

Notably, Vietnam's billion-dollar tra fish not only passed the "barrier" of farming area control, qualified to continue exporting to the US, but also received good news about the anti-dumping tax rate being reduced compared to last year.

Ms. Lan hopes this will be the basis for businesses to increase prices in the US and other markets.

According to Mr. Le Van Quang, General Director of Minh Phu Seafood Corporation, the end of the year with major festivals, followed by Lunar New Year in Asia, will help shrimp consumption increase, while retailers' inventories have decreased and more imports must be made.

In fact, for seafood exporting enterprises, the last months of the year are considered the "golden season" because demand from all markets increases sharply to serve the holiday season.

Seafood exports are expected to make a breakthrough in the last months of the year (Photo: Minh Dung)

However, industry experts say it is important for domestic seafood businesses to continue to maintain close contact with importers, on the basis of maintaining markets with high demand, so that they can boost exports during the recovery period.

In particular, focus on exporting to China because this is a market with relatively fast recovery. Along with that, grasp the demand from the US market, because their inventory is almost depleted, inflation has cooled 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 turnover reached 11 billion USD. This year has encountered many difficulties, orders have decreased, but there are positive signals from export markets.

Regarding China's ban on seafood imports from Japan when Japan started discharging treated nuclear wastewater into the sea, he said this is also an opportunity for Vietnam.

In addition, Japanese consumers are more cautious about consuming domestic seafood, so they will look for more imported seafood. 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 Department of Fisheries to organize a conference on fisheries development in the new situation to have proactive solutions on raw materials to promote and reach the target of 10 billion USD, Deputy Minister Tien said.

vietnamnet.vn