China is Vietnam’s second largest seafood consumer

Seafood

Vietnam

Market & Price Trends

Published Feb 24, 2024

Tridge summary

Vietnam's seafood exports experienced a 64% surge in January, reaching nearly US$750 million, largely driven by increased demand from China during the Lunar New Year holiday. Other significant markets such as the United States, Japan, and the EU also saw substantial growth. Key exports included shrimp, pangasius, tuna, BT squid and other fish species. Despite this growth, the industry anticipates challenges in 2022, including raw material shortages, potential anti-subsidy duties, global uncertainties, and a yellow card warning from the European Commission.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The rise, according to experts, was attributed to China’s increasing seafood demand for the traditional Lunar New Year holiday. Besides China, Vietnamese seafood exports to the United States, Japan, and the EU also expanded by 63%, 43%, and 34%, respectively. VASEP says Vietnam’s seafood exports surged by 64% in January to nearly US$750 million, opening up bright export prospects over the months ahead. Notably, the export of shrimp, pangasius, tuna, BT squid and other fish species rose by 71%, 97%, 57%, 45%, and 50%, respectively. Elsewhere, pangasius export orders in January and February began to improve, with the price increasing by VND3,000to VND29,000 per kilo. Therefore, this year's pangagius exports are anticipated to bring in US$2 billion, representing an increase of more than 10% compared to the US$1.8 billion recorded last year. However, the seafood industry is anticipated to face major challenges this year. With regards to shrimp exports, there are several concerns ...

Source: WTOCenter