Vietnam: Seafood exports to the US market increased
Market & Price Trends
Published Sep 30, 2023
August 2023 saw Vietnamese seafood exports reach peak levels, with the US market experiencing positive growth for the first time in 11 months. While overall seafood exports in 2023 are expected to decrease by 16% compared to 2022, pangasius and shrimp exports are predicted to progress better in the coming months. The US and Chinese markets show positive signs of seafood consumption, and Vietnamese seafood may gain more market share in other markets due to disruptions in Japan's seafood trade caused by the discharge of nuclear waste.
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Exports to many markets reached peak levels. Ms. Le Hang, Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that in August 2023, seafood exports to many markets reached peak levels. peak since the beginning of the year. Among them, notably the US market. For the first time, seafood exports grew positively after 11 consecutive months of decline. The US market regained its number 1 position with 165 million USD of Vietnamese seafood import turnover in August, up nearly 4% over the same period. period of 2022. With more positive signs from the US and Chinese markets, VASEP forecasts that pangasius and shrimp exports will progress better in the coming months. Accordingly, pangasius exports can bring in sales of 1.8-1.9 billion USD, shrimp exports are estimated to reach 3.6 billion USD and seafood products will reach about 3.5 billion USD. And so, it is forecast that total seafood exports in 2023 may reach about 9.1 - 9.2 billion USD, ...