October 15, 2022

Vietnam seafood exports worth over US$8.5 billion by end Q3 2022

The Vietnam Association of Seafood Exporters and Producers (VASEP) said seafood exports in September 2022 were worth over US$850 million, reaching US$8.5 billion by the end of Q3 2022, 38% higher compared to the same period year-on-year, Fish Information & Services reported.

This was the first time in seven months that seafood exports from Vietnam dropped below US$900 million.

Exports to important markets slowed down in September as a result of inflation's impact on import demand.

The biggest sales were generated by exports to China and Hong Kong, totaling US$153 million, an increase of 97% over the same period in 2021 but a 1.4% decline from July 2022. Exports to the US fell 11% year over year to US$140 million, but those to the EU and South Korea continued to grow by 31% and 19%, respectively.

Comparing September to the same month in 2021, all major aquatic product exports increased. Pangasius continued to see the largest growth rate, growing by 97% to US$161 million. Many aquatic items see a decline in demand as a result of inflation, but pangasius is still a valuable commodity due to its low cost.

Exports of shrimp increased by 13% in September to over US$350 million, the smallest growth among the major goods. Shrimp exports fell from the previous month due to a shortage of raw shrimp and a decline in market demand as a result of price inflation. In September 2022, exports of seafood goods such tuna, squid, and octopus rose by 44%, 40%, and 55%, respectively.

-      Fish Information & Services