Vietnam's seafood exports to niche markets have seen positive growth, with Finland breaking through with 435%

Published Mar 1, 2023

Tridge summary

Vietnam's seafood exports in January saw a significant decrease of nearly 50% due to the global economic recession, inflation, and the Lunar New Year holiday. The exports experienced a sharp drop in major markets like the US, China, EU, Japan, and South Korea. However, there was growth in small and niche markets. While inflation poses a challenge, it also presents an opportunity for affordable seafood species. The number of enterprises engaged in seafood export in Vietnam remained steady at over 700, with some showing positive growth. The Association of Seafood Exporters and Producers (VASEP) predicts a 15-20% decrease in seafood exports in the first quarter of this year, with a gradual recovery expected in the second quarter.

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

Original content

According to the Association of Seafood Exporters and Producers (VASEP), seafood exports in January reached $456 million, down nearly 50% over the same period in 2022 due to the impact of the global economic recession and inflation. In addition, another objective reason is that in January there is a Lunar New Year holiday, seafood exporters stop producing 7-10 days. Seafood exports to key markets all dropped sharply by 30-66%. In which, exports to the US dropped the most with 66%, China down 54%, EU down 48%, Japan down 32%, South Korea down 29%... Economic and political fluctuations, commodity and food inflation continue to affect consumer demand as well as business plans in markets, especially large markets of Vietnamese seafood, such as USA, EU, Japan, China… “In 2023, global inflation is forecasted to decrease, but it is still the biggest risk for importers and the burden on consumers, especially low-income households," VASEP said. . (Source: VASEP) ...

Source: Vinanet