Japan is now the largest market for Vietnamese seafood

Published 2023년 5월 9일

Tridge summary

In the first quarter of 2023, the Vietnamese seafood market faced a significant downturn, with over $1.8 billion in exports and a 27% negative growth. The United States, previously the largest market, saw a 51% decrease in imports, allowing Japan to take the top spot. Despite the initial challenges, the industry remains hopeful for recovery, particularly with the anticipated improvement in the Chinese market. The first quarter also marked a 10% increase in seafood exports to Japan, a 32% rise in China's seafood imports, and a decrease in imports from other major markets like the EU and Korea. Factors such as market instability, high food prices, and competition from other meats have impacted export values and prices. However, the industry also encounters challenges such as high input costs and a lack of domestic raw materials. Some enterprises have found success by processing wild-caught marine products, and the market is expected to rebound in the latter half of the year with adjustments and recoveries in major markets.

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

Original content

Japan now largest market for Vietnamese seafood. Over 1.8 billion USD and negative growth of 27% in the first quarter of 2023, showing that the situation of the seafood market is more difficult than expected for Vietnamese exporter. The picture of seafood exports may gradually brighten in the second quarter and is expected to recover better from the third quarter when the Chinese market has a clearer improvement and seafood enterprises have adjusted their product structure and markets to adapt to the context of 2023. The US economy is unstable, gasoline and electricity prices have “cooled down”, but food prices are still high. The US consumers, especially the low-income class, had to change their diets and food purchase channels. There has been a trend that many consumers consider choosing chicken, beef or pork instead of seafood. Grocery stores with discount programs often have better sales than large supermarket channels. More and more people are choosing to buy home-cooked food ...

Source: Fish Focus