Japan overtakes the US, becoming the number 1 seafood import market of Vietnam

Published 2023년 4월 21일

Tridge summary

The article highlights the challenges faced by Vietnam's seafood export industry in the first quarter of 2023, with the US no longer being the largest market due to high food prices and shift towards meat consumption. Japan has become the top market, but overall exports to major markets including the US, Korea, China, EU saw decreases. High input costs and lack of domestic raw materials are adding to the challenges. However, there are opportunities in the Chinese market and increased imports from Eastern European countries. Domestic enterprises are facing high production costs, inflation, and difficulties in accessing capital. A recovery is anticipated in the second half of the year with adjustments to product and market structures.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the US economy is unstable, gasoline and electricity prices have dropped, but food prices are still high. The American people, especially the low-income class, had to change their diets and food purchase channels. There has been a trend that many consumers consider choosing chicken, beef or pork instead of seafood. Grocery stores with discount programs often have better sales than large supermarket channels. More and more people are choosing to buy home-cooked food to save money. The movement of the largest market has strongly affected the results of Vietnam's seafood export and the business situation of many enterprises. With 283 million USD, down 51% in the first quarter of 2023, the US is no longer the number 1 seafood market of Vietnam. However, Japan overtook the US to become the largest import market of Vietnamese seafood, although exports to this market decreased by 7%, reaching over US$322 ...

Source: Haiquanonline