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Many key export seafood products achieved unexpectedly high growth

14/01/2022

Seafood exports in December continued to increase by 29%, reaching over USD 940 million. In December 2021, exports of all key products increased sharply by 6-110%, exceeding initial expectations.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), although the Covid-19 pandemic has seriously affected production and exports, especially in the third quarter of 2021, making the seafood business community worried about the export target of USD 8.8 billion in 2021. But miraculously, right after the Government issued Resolution No. 128/NQ-CP, Vietnam's seafood exports made a spectacular comeback in the last months of the year, bringing the full year 2021 results above expectations with over  USD 8,9 billion, increased by 6% compared to 2020.

After a sharp increase of 23% in November, seafood exports in December continued to increase by 29% to over USD 940 million. In December 2021, exports of all key products increased sharply by 6-110%.

Thanks to a breakthrough in December, with a growth rate of about 80% to about USD 245 million, pangasius exports for the whole year 2021 reached the target far beyond expectations with over USD 1.6 billion, an increase of 10%.

Shrimp exports in December increased by 10% to about USD 325 million. As of the end of 2021, shrimp exports reached  USD 3.88 billion, increased by 4%. Tuna exports increased by 55% in December to USD 85.5 million, bringing the full year result to USD 757 million. Exports of squid and octopus in December reached over USD 60 million, increased by 10%, accordingly, the whole year exports reached over USD 600 million.

Notably, exports to China in December recovered the most, increased by 90% to over USD 170 million. However, because exports to this market continuously decreased from March to October, the total export value in 2021 still decreased by 14% compared to 2020 to USD 1.17 billion. China only accounts for 13% of Vietnam's seafood exports, compared to 2020, accounting for 16%.

The US market still accounts for the highest proportion, 23% of Vietnam's seafood exports with over USD 2 billion in 2021, an increase of 26% compared to 2020. In December 2021 alone, seafood exports to the US reached  USD 176 million, an increase of 32% over the same period in 2020.

In 2021, seafood exports to the EU market accounted for 12% with over  USD 1 billion, an increase of 12% compared to 2020. Last month, seafood exports to the EU also increased sharply by 26% reaching  USD 109 million.

Besides, exports to the countries of the CPTPP agreement in 2021 earned nearly USD 2.2 billion, almost equivalent to 2020. In December alone, exports to this market block reached  USD 209 million. While exports to Japan continued to decline by 8% in December, exports to Australia still grew by 13%. Exports to Japan in 2021 reached  USD 1.3 billion, decreased by 6%, while exports to Australia reached USD 265 million, increased by 6% compared to 2020.

With the increasing momentum of the last months of the year, businesses expect seafood exports this year to prosper right from the first months of the year.

 

Kylie Nguyen

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