Inflation forces Vietnamese seafood exporters to focus on Asia

Published Dec 2, 2022

Tridge summary

Vietnam saw a 1.8% year-over-year increase in seafood exports in October, totaling $907.4 million, with sales to China and Japan experiencing significant growth. However, exports to non-Asian markets, including the US, UK, and Canada, declined. The shrimp industry, Vietnam's largest seafood sector, faced challenges with raw material shortages and disease, resulting in an 26% year-on-year drop in sales. Pangasius, the country's second-largest seafood export, also saw a decline in October, reaching a 10-month low of $159 million. Despite these challenges, Vietnam's pangasius exports to China surged by 123%, contributing to a 106% increase in exports to mainland China in the first 10 months of 2022. The country also experienced a 75% year-on-year increase in pangasius exports, with sales predicted to exceed $2.5 billion in 2022.

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

Original content

Vietnam exported $907.4 million (€871 million) of seafood in October, up 1.8% year-over-year and 5.2% up September, according to the latest customs data. . Sales to China reached US$141 million (€135.3 million), up 60.8 percent year on year, while sales to Japan increased 32.4 percent year on year to US$160.6 million (154. 2 million euros). Sales to Thailand also rose 35.8 percent year on month to $29.4 million (€28.2 million). However, the value of exports to non-Asian markets declined, with US sales down 31.7% year-on-year to US$150.5m (€144m), UK sales down 10.2% to 29. US$4 million (€28.2 million); and sales in Canada were down 29.4 percent year on year to US$22 million (€21.1 million). The shrimp sector in Vietnam typically posts its best export performance of the year in November and December, but its producers struggle to secure raw materials amid high inflation and growing shrimp disease problems in Vietnam. Vietnam's shrimp sales fell to US$313 million (€300.6 million) in ...

Source: Fishretail