Vietnam: Seafood exports in May cooled down, still reaching the USD 1 billion mark

Published 2022년 6월 1일

Tridge summary

Vietnam's seafood exports have seen a significant increase in the first five months of 2022, with a turnover of over 4.6 billion USD, marking a 42% increase from the same period in 2021. This growth is primarily driven by shrimp exports, which have surged by 38% to account for 39% of the total seafood export value. Despite facing adverse weather conditions and potential supply shortages, the demand for pangasius and tuna exports remains strong, with growth rates of 90% and 41% respectively. However, exports of other seafood products such as squid, octopus, crabs, and shellfish have seen lower growth rates. The war situation in Russia is causing difficulties in sourcing seafood materials, and the COVID-19 regulations in China are posing challenges for pangasius exports.

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

Original content

Accordingly, accumulated in the first 5 months of 2022, the country's seafood exports brought in a turnover of over 4.6 billion USD, up 42% over the same period in 2021. Seafood exports in May 2022 slowed down a bit compared to April mainly due to shrimp exports. In May, shrimp exports reached US$416 million, up 19%, after a hot 47% increase in April. By the end of May, shrimp exports were estimated at US$1.8 billion, up 38% and accounting for 39% of total turnover. seafood exports. According to some businesses, shrimp exports in the first four months of this year increased dramatically for five reasons: availability of raw materials for reserve and inventory from 2021, many businesses signed contracts at the end of last year at high prices. In the context of Covid stress, global price inflation also affected shrimp prices to increase, the return of Vietnamese businesses to international seafood fairs in the US and EU... However, from the beginning of May, the weather tends to be ...

Source: AgroInfo.vn