Vietnamese seafood exports slow down, businesses worry about lack of raw materials

Published 2022년 6월 2일

Tridge summary

Vietnam's seafood exports experienced a slight growth slowdown in May 2022, despite reaching over $1 billion and showing a 27% increase compared to the same period in 2021. The first five months of 2022 saw a 42% increase in seafood export revenue, totaling over $4.6 billion. This growth was largely driven by a 38% increase in shrimp exports, despite a decrease in May due to adverse weather and market demand factors. Pangasius and tuna exports also saw significant growth, with pangasius exports nearly reaching $1.2 billion and tuna exports surpassing $461 million. However, the growth rate of other seafood exports and some pangasius markets was lower than expected, and the ongoing conflict in Russia continues to pose a challenge for seafood export businesses by increasing the cost of raw materials and exacerbating supply issues.

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

Original content

Growth rate slows down According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after reaching a record of over $1.1 billion in April 2022 with a growth rate of over 50%, entering May 2022, seafood export failed to maintain the hot growth rate, but still reached the USD 1 billion mark, 27% higher than the same period in 2021. 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. According to the analysis of Ms. Le Hang, Deputy Director of VASEPP.RO Center, the growth rate of seafood exports in May 2022 slowed down a bit compared to April mainly due to a decrease in shrimp exports than before. 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 ...

Source: Vinanet