July 12, 2022
Seafood exports from Vietnam surpass US$3.2 billion in second quarter of 2022
Vietnam's seafood exports in second quarter of 2022 has surpassed US$3.2 billion, close to 36% higher compared to the US$2.4 billion in the same period in 2021, Fish Information & Services reported.
Vietnamese seafood exports still made over $1 billion USD in June 2022, which is more than they did in May 2022 and is a 23% increase from the same time last year.
Vietnam's seafood exports are projected to reach nearly US$5.8 billion by the end of the first half of this year, up 40% from the same period in 2021.
Shrimp export sales in June 2022 only maintained a modest growth of 7%, equaling US$450 million, due to a lack of raw materials for export processing. Vietnam exported US$2.3 billion worth of shrimp in the first half of 2022, an increase of 33% from the previous period. This represents 40% of all seafood exports.
Inflationary prices and a lack of raw materials are challenging issues for shrimp businesses at the moment. Vannamei that is small in size is still preferred during this inflationary crisis. To combat the shortage of raw materials, some businesses opt to increase the proportion of value-added processed shrimp they export to markets like Japan, the US, and the EU.
In the first half of the year, exports of processed vannamei rose by 17%, while those of fresh/frozen shrimp rose by 21%. It is noteworthy that Vietnam lobster exports increased by a record US$130 million in the first half of the year, or 30 times more than the same period last year. Despite inflation, black tiger shrimp exports rose by 20% to more than US$300 million in the first half of the year.
Due to sanctions against Russia, there was a shortage of white fish, particularly cod, in the EU, US, and UK markets, which forced many restaurants to take it off their menus. Vientam pangasius therefore has a chance to increase its market share in these markets. Exports of pangasius increased by six times to the UK in the first half of this year compared to the same period last year, nearly tripled to Spain, and increased by 45% to 90% to France, the Netherlands, Germany, and Belgium.
Pangasius exports from the nation totaled more than US$1.4 billion in the first half of this year, an increase of 83% over the same period in 2016 and a quarter of all seafood export sales. Exports of pangasius continued to grow quickly in June 2022, increasing by 54% over the same time period to reach almost US$220 million.
Vietnam's tuna exports increased by 43% in June to exceed US$91 million. Nearly 10% of all seafood exports were made up of tuna, with total exports rising by 56% to US$553 million in the first half of the year. Frozen tuna loin/fillet remains the main product and generates US$377 million, up 122%.
More than half of Vietnam's tuna exports come from the lucrative and rapidly expanding US market. While tuna exports to the US almost doubled, they only increased by 9% to the EU, a much more modest increase that was primarily caused by an increase in average export prices. The export of tuna and other marine products that were caught in the wild to this market are still restricted by the IUU yellow card.
- Fish Information & Services