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In the first 10 months of 2023, seafood exports earned nearly USD 7.5 billion


According to the Vietnam Association of Seafood Exporters and Producers, seafood exports in October 2023 are estimated to reach over USD 863 million, a slight decrease of 5% compared to the same period in 2022. As of the end of October this year, seafood exports earned nearly USD 7.5 billion, a decrease of 20% over the same period last year.

As of the end of October 2023, shrimp accounted for 38% of seafood export turnover with a value of over USD 2.8 billion, a decrease of 24% over the same period last year. In October alone, shrimp exports reached about USD 320 million, a decrease of 11% compared to October 2022.

The seafood industry has had a worldwide shrimp surplus for more than a year. In the US, EU and China, average import prices in 2023 fell by 13.4%, 10% and 2.7%, respectively. It is forecast that the consumption and import situation in the United States will be more positive in November and December.

Pangasius exports in October reached USD 189 million, a slight increase of 5% over the same period in 2022. Accordingly, as of the end of October, pangasius exports reached over USD 1.5 billion, a decrease of 28% over the same period last year.

It seems that pangasius exports are showing more positive signs, after positive information about the US market. After the FSIS inspection program, Vietnamese pangasius was rated good for food safety.

The US market's demand for pangasius is also recovering. Currently, the United States Department of Agriculture (USDA) is looking to purchase 5.96 million pounds of frozen pangasius and catfish fillets for use in domestic food distribution programs. This is the ministry's third largest catfish purchase in 2023, following the purchase of 6.2 million pounds of unbreaded catfish fillets for a total of USD 41.8 million (EUR 38 million) in March.

Demand for pangasius in China has decreased significantly since the beginning of 2023, but sales of breaded pangasius fillets are showing signs of improvement in this market. In the first eight months of this year, China imported 11,900 tons of pangasius from Vietnam, a decrease of 41% over the same period last year.

Tuna and crab exports in October tended to be more positive with double-digit growth, increased by 13% and 40% respectively over the same period, reaching USD 87 million and USD 28 million. As of the end of October, tuna brought in USD 704 million, a decrease of 20%, and crab brought in USD 164 million, 12% less than the same period last year.

Squid, octopus and shellfish products still maintained negative growth of 10-13% in October. Accumulated in the first 10 months of the year, squid and octopus exports recorded sales of over USD 540 million, a decrease of 14%, shellfish of over USD 109 million, a decrease of 10%. Exports of other marine fish except tuna reached about USD 1.6 billion, decreased by 8%, in October alone reached USD 166 million, decreased by 11%.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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