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Exports of fish and seafood from Vietnam again reached a record

Updated Dec 1, 2022
From the beginning of the year until the end of last October, the pangasius industry reached a turnover of $2.1 billion, accounting for almost 23% of exports (17% in 2021). The average export price increased by more than 50%. The shrimp sector, with nearly $3.8 billion, accounted for 40% of exports, down 5% from the same period in 2021. Shrimp exports increased significantly in the first five months of the year and then slowed down due to lower demand. The average export price has not risen as much as that of pangasius due to strong competitive pressure from Ecuador and India. Tuna exports in 2022 are sure to reach a record figure of $1,000 million. At the end of October, the sector received $884 million from exports, representing 9.4% of total seafood exports compared to 8.4% in the same period last year.
Exports of squid and octopus reached $630 million (squid $354 million, octopus $277 million), exports of other species (salmon, anchovies, sea bass, pollock, herring, cod) amounted to $1.7 billion. Inflation slowed seafood exports in the second half of the year, especially in the fourth quarter. Many markets are facing record inflation due to soaring energy and food prices. However, exports in 2022 still hit a record high of almost $11 billion, which is a positive scenario that, unfortunately, is unlikely to be repeated in 2023. The world economy is in recession, domestic inflation and the cost of energy and production continue to rise, which inflates the price of the final product and reduces its competitiveness. The consumer market is slowing, with many importers canceling or delaying receipts of goods, resulting in higher storage and logistics ...
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