The US, Japan and China are Vietnam’s seafood export markets with export turnover worth billion dollar or more

Chart by Thai Binh.

According to the General Department of Vietnam Customs, the seafood export turnover in September decreased by 5.2% month-on-month to US$ 814 million.

Vietnam’s seafood export turnover in the nine months of the year declined 22.1% to US$6.6 billion compared with the same period of the previous year.

The United States is still the largest export market with a turnover of US$1.17 billion, down 33.8%; followed by Japan at US$1.1 billion, down 12.9%; China at US$1.01 billion, down 15.9%. These are also the three seafood export market with export turnover worth billion dollar of the country as of the end of September.

In addition, the EU is also a large market with the export turnover of US$714 million USD, dropping 31.3% over the same period last year.

Shrimp exports show positive signals

In the export seafood industry, shrimp export turnover accounts for the largest turnover. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports fell 8% year-on-year to US$ 322 million in September.

By the end of September, shrimp exports decreases by 26% year-on-year to US$ 2.5billion, accounting for 39% of the country’s total seafood export turnover.

Notably, shrimp exports in September showed positive signals from major markets such as the US, Australia, Canada, Belgium, and Taiwan (China) with positive growth rates from 1% -54%.

The remaining major markets such as the EU, Japan, and Korea still saw negative growth of 10%-26%, but the decrease is lower than in previous months.

Regarding export products, the export turnover of white leg shrimp still accounts for the largest proportion, up to 74% of shrimp export turnover at US$ 1.9 billion. The export turnover of black tiger shrimp accounted for 14% of the shrimp export turnover at US$ 356 million…

VASEP said that after a long holiday (including Mid-Autumn Festival and National Day) in China, shrimp consumption demand in this important market recorded a plunge due to large inventory because the country had imported shrimp from Ecuador. Meanwhile, companies holding inventory do not want to reduce prices to release goods.

In addition, Japan's discharge of treated nuclear wastewater affected the demand for seafood, including shrimp in the Chinese market. It is expected that in the last quarter of 2023, China's shrimp consumption demand may not recover.

The US is recognized a market with a positive trend in shrimp imports from Vietnam when the turnover continued to grow positively in September. This is the third consecutive month that shrimp exports to the US reached positive growth. In September, the shrimp export turnover recorded the highest growth rate compared to the previous two months and increased by 23% over the same period last year.

Pangasius exports records positive growth in 2023

Pangasius is the most important export product of the seafood industry. Recently, Pangasius export shows positive signs. In September, the Pangasius export turnover increased 1% to US$ 167 million year-on-year. This is the first time in the year, the commodity group recorded positive growth.

However, by the end of September, pangasius exports fell 31% to US$ 1.4 billion year-on-year. The major export product is still pangasius under code 0304 (except fish cakes and surimi products) reached US$ 1.1 billion, accounting for 82% of the turnover of pangasius products.

In September, pangasius exports to some major markets recorded positive double-digit growth such as China and Hong Kong (China), EU, Brazil, Mexico...

Motivated positive signs, it is expected that pangasius exports will see prosperity in the fourth quarter of 2023.

Another important export product of the seafood group is tuna, however, this product group continues to trend downward. In September, tuna exports only reached US$72 million, decreasing more than 7% compared to the previous month. By the end of September, Vietnam's tuna exports reached US$617 million, down 24% compared to the same period in 2022.