Vietnam: Seafood exports flourished, orders arrived in droves, and stocks of many businesses increased

Seafood

Vietnam

Market & Price Trends

Published Sep 24, 2023

Tridge summary

Vietnamese seafood exports to the US are slowly recovering, with shrimp, tuna, and other marine fish experiencing growth in August. However, overall seafood exports to the US in 2023 are expected to be 23% lower than in 2022. On the other hand, seafood exports to China and Japan have increased, particularly in mollusc products. Pangasius and shrimp exports are predicted to progress better in the coming months, with estimates of 1.8-1.9 billion USD and 3.6 billion USD, respectively.

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

VASEP said that although pangasius exports were still 24% lower than the same period in 2022, exports of all other key products to the US recovered in August. For example, shrimp increased by 11%, Tuna increased by 2%, other marine fish increased by 12%, crab, squid, octopus, and shellfish all increased by 24-56% over the same period last year. "It's recovering slowly, but the US market still has a better trend for frozen seafood consumption," said VASEP expert Ms. Le Hang, and said, despite the retail price of fresh seafood in the US. continues to decrease but the price of frozen seafood is increasing slightly by 0.5%. According to VASEP statistics, by the end of August 2023, seafood exports to the US have reached 1 billion USD. It is forecasted that for the whole year 2023, this market will contribute 1.7 billion USD in export revenue for Vietnamese seafood, 23% less than in 2022. For the two markets China and Japan, seafood exports Production also increased compared to the ...

Source: Danviet