Vietnam accounts for nearly 9% of US seafood imports

Published Jul 17, 2023

Tridge summary

Vietnamese seafood products are facing difficulties entering the US market this year due to high inflation, reduced consumption, and large inventories. The average price of seafood imports from Vietnam to the US has decreased significantly, leading to slower growth in import value. Despite this, there are still some species that have seen positive growth in import volume, such as halibut, swordfish, pollock, and cod. However, overall, Vietnam ranks 5th in terms of import volume and 8th in terms of value compared to other countries supplying seafood to the US.

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

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), high inflation, reduced consumption while large inventories make it difficult for Vietnamese seafood products to enter the US market this year. The average price of seafood imports from Vietnam to the US decreased by 29%, the deepest decline compared to other countries in the top 10 seafood suppliers to the US. Therefore, although the volume of imports from Vietnam to the US tends to increase gradually each month and reach the highest level in May, the import value still increases more slowly. As of the end of May, the US imported 17.6 thousand tons of shrimp from Vietnam, 41% less than the same period last year, with the average price of 10.76 USD/kg, down 5%. Particularly in May, shrimp imports from Vietnam reached the highest level since the beginning of the year with 4.73 thousand tons. According to VASEP, pangasius is the item with the largest import volume among US seafood species imported from ...

Source: Vietstock