Tridge summary
Vietnam's seafood exports to China have been declining since February due to inflation and supply competition, according to VASEP. While exports of tuna, pangasius, crab, and shellfish have grown, shrimp exports remained flat compared to April 2023, and squid and octopus exports are still lower. In the first four months of 2024, total seafood exports reached $2.7 billion, a 6% increase over the same period in 2023. Exports to Japan and Korea increased slightly, while those to the EU and US remained stable or decreased slightly, with a notable 22% drop in exports to China. Despite some recovery signs in shrimp and pangasius exports, overall consumer demand and export prices remain low. VASEP expects that inventory and oversupply issues will ease in the second half of the year, potentially leading to a recovery in seafood exports.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
According to VASEP, Vietnam's seafood exports to China have continuously recorded a decline since February due to the effects of inflation and supply competition. VASEP assessed that exports of tuna, pangasius, crab, and shellfish of all types all recorded positive growth. However, shrimp exports are equivalent to April 2023 and exports of squid, octopus and some other marine fish species are still lower than the same period. Cumulatively in the first 4 months of 2024, seafood exports will reach a total of 2.7 billion USD, up 6% over the same period in 2023. In terms of markets, among the top 5 largest importing countries, only exports to Japan and Korea increased slightly in April, while exports to the EU and US were only at the same level or decreased slightly, in particular, Exports to China decreased by over 22%. VASEP experts assess that, in general, markets are still affected by inflation and inventory, so imports are still cautious. Typically, the Chinese market has ...
Source: 24h newspaper
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