Vietnam noted changes in seafood and markets in the first quarter of 2023
Seafood
Vietnam
Published May 6, 2023
Tridge summary
The US economy is unstable, gasoline and electricity prices have cooled down, but food prices are still high. US consumers, especially the low-income class, have had to change their diet and food purchasing channels. There is a trend that many consumers prefer to choose chicken, beef or pork over seafood. Grocery discounters often have better sales than large supermarkets.
Original content
More and more people are choosing to cook at home to save money. Changes in the largest market have greatly affected the results of Vietnam's seafood exports and the business position of many enterprises. With $283 million, down 51% in the first quarter, the US is no longer Vietnam's No. 1 seafood market. Japan overtook the US to become the largest importing market for Vietnamese seafood, although exports to that market fell by 7% to over $322 million in the first quarter of 2023. The structure of seafood exports to Japan is more inclined towards seafood, such as squid, horse mackerel, pollock, tuna, sea bass. Japan is Vietnam's largest seafood consumption market, mainly in the marine fish segment, in which a significant proportion of raw fish is imported from Japan to Vietnam, processed and re-exported to that country. Many businesses expect the opening of the Chinese market to increase imports, offsetting the decline in other major markets. In the first two months of 2023, ...
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