Vietnam noted changes in seafood and markets in the first quarter of 2023

Published 2023년 5월 5일

Tridge summary

The US economy is experiencing instability with high food prices, leading to changes in consumer habits such as choosing meat over seafood and cooking at home more. This has impacted Vietnam's seafood exports, making the US the largest market. Japan has now become the largest importer of Vietnamese seafood, followed by China, which is expected to offset the decline in other markets. However, the decline in import prices in the Chinese market has affected the sales of Vietnamese seafood. The European Union (EU) market has also seen a decrease in imports of Vietnamese seafood, particularly shrimp and seafood, although pangasius exports to the EU, especially to Germany, have been more stable. The seafood export market is expected to improve in the second and third quarters of 2023.

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

Original content

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. 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. ...

Source: Fishretail