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Vietnam’s seafood exports updates (8 months 2022)

Vietnam’s seafood exports updates (8 months 2022)

Friday 09, 09 2022
It is estimated that Vietnam’s seafood exports in August 2022 reached 894 million USD, up 51.3% in turnover compared to August 2021.

Vietnam’s seafood exports updates

It is estimated that Vietnam’s seafood exports in August 2022 reached 894 million USD, up 51.3% in turnover compared to August 2021.

In the first 8 months of 2022, Vietnam’s seafood exports reached 7.535 billion USD, up 35.5% in turnover over the same period in 2021.

According to the General Department of Customs data, Vietnam’s seafood exports in July 2022 reached 943.6 million USD, up 11.4 in volume and 11.9 in turnover over July 2021.

In the first 7 months of 2022, Vietnam exported 1.359 million tons of seafood, equivalent to a turnover of 6.641 billion USD, up 17.1% in volume and 33.6% in turnover compared to the same period in 2021.

Seafood exports of Vietnam in July 2022 grew higher than in previous months due to four main reasons:

  • China has decided to remove the policy of suspending the import of frozen food contaminated with the Sars-COV-2 virus after nearly 2 years of implementation.
  • The Russia – Ukraine conflict led to bans on Russian seafood in big markets, giving Vietnam a chance.
  • Mexico – Vietnam’s largest seafood importers in the CPTPP are witnessing increased demand for seafood imports.
  • Vietnam’s seafood companies were able to take the opportunities presented in large markets such as China, the EU, and the US. They also managed to attract orders from potential markets such as Japan, Korea, Germany, and the Netherlands.

Seafood exports

In the first 7 months of 2022, Vietnam’s seafood export turnover improved compared to the same period in 2021, mainly because the export shares to major markets increased. In addition, exports to Romania, Cyprus, Slovakia, Cambodia, Arab Saudi, and Lybia also reported a significant growth in volume and turnover compared to 2021.

In Asia, exports to Japan increased sharply compared to the same period in 2021. Japan remained Vietnam’s top seafood exporting market. In July 2022, seafood exports to Japan reached 151.5 million USD, up 21.9% in volume and 24.3% in turnover over July 2021. Exports to China were second-highest with 107.1 million USD worth of seafood, up 31.7% in volume and 33.6% in turnover compared to July 2021. Korea was the third-highest seafood importer of Vietnam. Exports to Korea reached 91.6 million USD, up 18.3% in volume and 28.2% in turnover.

Vietnam’s seafood exports to the US in July 2022 reached 164 million USD, down 34.6% in volume and 30.5% in turnover compared to the same period in 2021. The reason for such a decline is inflation, the inflation that results in a possible risk of a global recession.

Export turnover to the UK witnessed a similar downward result. Vietnam exported 30.7 million USD of seafood to the UK in July 2022, a decrease of 25.6% in volume and 17.3% in turnover over July 2021.

Exports to other markets in the EU, such as Germany, were higher than in 2021. Exports to Germany reached 27.3 million USD, up 17.8% in volume and 28.9% in turnover.

Exports to other markets

In the first 7 months of 2022, Japan remained Vietnam’s top seafood consuming market, with an import turnover of 951.4 million USD. Exports to Japan increased by 10.9% in volume and 18.7% in turnover over the same period in 2021. The second highest was China, with a turnover of 934.2 million USD, up 40.3% in volume and 80.4% in turnover over 2021.

Mexico recorded a high increase in seafood imported from Vietnam in July 2022 and the first 7 months of 2022. Exports to this market in the first 7 months reached 83.7 million USD over the same period in 2021, up 6.4% in volume and 56.4% in turnover.

seafood imported

 

Outlook for the remainder of 2022

According to VASEP, after a sharp increase from 39% to 62% in the first 4 months of the year, from May 2022 until now, Vietnam’s seafood exports have shown signs of cooling down, and the growth rate slowed down.

The reason is said to be unfavorable weather, rain earlier than every year, affecting seafood production, causing disease on farmed shrimp, and causing shrimp production to decrease. Stockpiles from last year have also been exhausted.

Meanwhile, the domestic production of raw shrimp is facing difficulties because of the weather, and the costs are too high, so there will continue to be a shortage of raw shrimp in the second half of the year.

Pangasius, one of Vietnam’s major seafood export products, tends to slow down in some markets as consumers in many countries tighten their spending due to inflation, and switch to products with lower prices. The amount of inventory in the markets of Vietnam's seafood importing countries is quite large, leading to import restrictions.

Therefore, seafood export turnover in August 2022 is 54% higher than in August 2021, which is not necessarily a good sign because the markets of importing countries in the remaining months of 2022 slow down due to the impact of the pandemic, inflation, and recession. The latest figures from the US showed that, in August, inflation was at 8.1%. In the EU, inflation is 8.6%. In the UK, inflation has reached 10.1%.

The highlight of Vietnam's seafood export in the last months of the year is expected to be the Chinese market when the country shows signs of reopening its economy. At that time, demand will increase rapidly because Chinese consumers already trust Vietnam's seafood exports, especially shrimp, tuna, octopus, squid, pangasius, etc.

 

Compiled by VietnamCredit

 

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