Vietnam: Seafood exports plummeted

Published 2023년 3월 2일

Tridge summary

Vietnamese seafood exports, including pangasius, shrimp, tuna, crab, and octopus, have seen a significant decrease in the first two months of 2023 due to global economic and political fluctuations, inflation, and the Lunar New Year holiday. The most notable decreases were in exports to the US, China, Korea, Japan, and the EU. However, a recovery is expected in the second quarter as markets settle inventories. In the meantime, Vietnamese seafood businesses are looking to expand into smaller markets like Laos, Israel, and Cameroon. VASEP has urged businesses to focus on food safety and meeting new standards to maintain a competitive advantage.

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

Original content

In which, pangasius decreased by 61% over the same period last year, reaching $84 million. Shrimp, tuna, crab, and octopus decreased by 55%, 43% and 32%, respectively. According to Ms. Le Hang, Communications Director of VASEP, exports dropped sharply due to increasing economic and political fluctuations in the world. Inflation causes consumer demand as well as business plans in markets to plunge. In which, exports to the US decreased the most at 66%, China 54%, Korea, Japan, and the EU decreased by 29-48% over the same period last year. In addition, there is a Lunar New Year holiday in January, so seafood processing and export factories stop producing for 7-10 days. VASEP assessed that this year, global inflation is forecasted to decrease, but the increase in the number of low-income people will slow down purchasing power. In the first two months of the year, purchasing power in the domestic and international markets has not improved much. China has opened its door but requires ...

Source: VNExpress