The reason why Vietnam's seafood exports in 5 months decreased by nearly 30%

Published 2023년 6월 26일

Tridge summary

Vietnam's seafood exports have dropped by nearly 30% due to three main reasons: a decrease in demand and imports caused by inflation and inventories, intense competition from other producing countries, and weakened productivity due to increased production costs, decreased selling prices, and difficulty accessing loans. The market signal is not positive in the short term, with fluctuations in supply and demand and a lack of certainty in market forecasts. However, businesses are reviewing production costs, researching new products, and urging collaboration within the supply chain to overcome these challenges.

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

Original content

3 major reasons for Vietnam's seafood exports to drop by nearly 30% Key commodities are gradually reducing the decline over the same period. Exports (exports) to key markets such as the US, EU, China, Japan, and South Korea all achieved the highest sales from the beginning of the year so far. Seafood production in the first 5 months of this year decreased by 29% compared to the same period last year, reaching only about $3.4 billion. Exports of main seafood products in the first 5 months of this year all decreased by 10-20% compared to the same period last year. In which, pangasius decreased the most (-40%), shrimp decreased by 34%, tuna decreased by 31%, squid and octopus decreased by 12%. However, there are still some types of marine fish that recorded positive growth: anchovies increased by 53%, scads increased by 14%, goldfish increased by 20%... Seafood exports in May 2023 reached over USD 808 million, the highest since the beginning of the year, showing a signal that the ...

Source: Vinanet