April 4, 2023

 

Vietnam's seafood exports plunged 29% in Q1 2023

 

 

 

Vietnam's export of several key agro-forestry-aquatic products endured a sharp drop of 14.40 on-year in the first quarter of 2023, and its seafood exports were hardest hit with an on-year drop of 29%.

 

A report from the country's Ministry of Agriculture and Rural Development (MARD) showed that the country made just US$11.20 billion in export turnover of agro-forestry-aquatic products, including US$1.79 billion from seafood exports in the first three months of this year.

 

Vietnam produced nearly 1.90 million tonnes of seafood products during the period, an increase of 1.40% compared to the same period last year.

 

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the decline in the country's seafood exports was due to changes in regulations on export quotas and policies in some key markets.

 

Sales to the United States, which was the largest importer of Vietnamese seafood products with 14.50% of the overall market share, fell from the fourth quarter of 2022 and further in the first quarter of 2023. By the end of February 2023, seafood export turnover to the US stood at US$155 million, down 55% on-year.

 

Sales also fell in South Korea, the fourth largest importer of Vietnamese seafood, to US$46 million during the period, a decline of 25% compared to the same period last year.

 

"Shrimp exports to South Korea are facing more challenges as the local government are applying import quotas on this product from Vietnam," VASEP added.

 

Meanwhile, in the Chinese market, Vietnamese seafood faced tough competition from India and Ecuador, which are together account for over 60% of Chinese shrimp imports.

 

MARD pointed out that the sharp decline can be attributed to the global economic slowdown, the war in Ukraine and high inflation hitting some major economies around the world.

 

Experts have advised local businesses to take full advantage of recent free trade agreements, especially the Comprehensive and Progressive Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement, in an effort to accelerate the export of key products moving forward.

 

VASEP predicts that seafood exports may recover from the second quarter of this year.

 

- Dtinews

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