June 7, 2022

 

Seafood exports from Vietnam reached US$1 billion in May 2022

 

 

The Vietnam Association of Seafood Exporters and Producers (VASEP) said seafood exports from the country reached US$1 billion in May 2022, 27% higher year-on-year, Fish Information & Services reported.

 

This was slightly lower than the over US$1.1 billion achieved in April 2022. The total Vietnam seafood exports between January to May 2022 reached US$4.6 billion, 42% higher year-on-year.

 

Exports of seafood slowed slightly in May 2022 compared to the previous month, owing to a decrease in shrimp exports. While shrimp exports increased by 47%, they increased by 19% in May to US$416 million. Shrimp exports were estimated to be worth US$1.8 billion by the end of May, up 38% from the previous month and accounting for 39% of total seafood exports.

 

According to some businesses, shrimp exports increased dramatically in the first four months for several reasons. First, demand has recovered significantly since the COVID-19 pandemic. Second, raw materials are available in 2021 due to reserve and inventory sources. Third, many businesses were successful in signing contracts with high prices at the end of last year. Fourth, rising global food and seafood inflation has resulted in higher export shrimp prices. Finally, Vietnamese businesses are gradually resuming participation in international seafood fairs in the US and Europe, among other places.

 

The unfavourable weather that began in early May, on the other hand, would be a disadvantage for shrimp farmed in aquaculture facilities.

 

The first rain of the season arrived earlier than usual, affecting shrimp production and signalling a problem with the shrimp source. The supply of shrimp materials is likely to be in short supply in May and the coming months. Furthermore, after a strong increase from the end of 2021 to now, shrimp demand in some major import markets appears to be slowing. As a result, shrimp exports are expected to grow at a slower pace in the second quarter of the year.

 

Exports of Pangasius increased by 65% to US$245 million in May, a lower increase than in April. However, cumulative pangasius exports in the first five months of the year have increased by nearly 90%, amounting to over US$1.2 billion. The world's highest rate of food and seafood price inflation this year is a boon for Vietnam's pangasius exports. Exports of pangasius are increasing rapidly, particularly to the US, the European Union, and China.

 

Tuna exports continued to grow at a rapid rate of 41% in May 2022, reaching over US$93 million. Tuna exports reached US$461 million by the end of May 2022, up 58% from the same period in 2021.

 

Furthermore, the ongoing conflict in Ukraine will have an impact on economic sectors, including fishing, as well as the scarcity of raw materials resulting from the high cost of fishing.

 

-      Fish Information & Services

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