VASEP expert: By the end of November, seafood exports can reach 10 billion USD

According to Ms. Le Hang, Deputy Director of VASEP.PRO Center under VASEP, inflation is affecting import demand, so exports to major markets slowed down in September.

 

In the past 9 months, Vietnam earned $8.5 billion from seafood exports.

Exports to the Chinese market brought the highest sales in September with 153 million USD, up 97% compared to the same period in 2021. Turnover to the US decreased 11% to 140 million USD, while to the EU and South Korea up 31% and 19% respectively over the same period last year.

In September, exports of the main aquatic products all increased compared to the same period in 2021. Pangasius grew the most, with 97% reaching $161 million. According to Ms. Le Hang, inflation reduces the demand for many products in the industry, but pangasius is still an advantageous commodity because it has a price that is affordable for ordinary consumers.

Shrimp exports last month were nearly 350 million USD, up 13% - the lowest among the main products. The lack of raw shrimp while the demand in the markets is slowing down due to price inflation, caused shrimp exports to decrease compared to the previous month. Seafood products such as tuna increased by 44%, squid and octopus by 40% and other marine fish by 55% in September.

According to VASEP, in 9 months, shrimp exports brought in nearly 3.4 billion USD, up 23% over the same period in 2021; Pangasius also earned nearly 2 billion USD, an increase of 82%; seafood products reached nearly 3.2 billion USD, up 33%.

Regarding the market, in the first 9 months of the year, seafood exports to the EU exceeded 1 billion USD, up 41% over the same period last year. The US is still the market with the highest proportion with nearly 1.8 billion USD, up 22%, the value to countries under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is nearly 2.2 billion USD, up 41%.

China was the market with the highest growth of 76% at $1.35 billion in the first three quarters of the year. Ms. Le Hang said that although China is still an unpredictable market, this is still the target market of Vietnamese seafood enterprises in the last months of the year. Demand in China is recovering and geographical factors are also the choice of many businesses, especially in the context that transportation costs and transportation congestion are still major problems of global trade.

With the results after 9 months, according to Ms. Le Hang, by the end of November, Vietnam's seafood products can reach 10 billion USD as expected by the whole industry as well as the target set by the Ministry of Agriculture.

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