After a continuous decline in the first half of 2023, Vietnam’s crab exports are gradually recovering in the last months of the year. Japan is the only country that has continuously increased Vietnam’s crab imports since the beginning of the year…
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in October 2023 alone, Vietnam’s crab exports increased by 25%, reaching nearly 25 million USD.
Crab exports are gradually recovering in the last months of the year.
Accumulated in 10 months of 2023, exports of this product group reached 161 million USD, down 14%. 44% of export turnover is from Vietnam’s key export products, which are fresh and frozen crab and crustacean products other than salt with a value of nearly 61 million USD.
Compared to the same period in 2022, Vietnam’s exports of crab and other crustacean products decreased, except for other processed products, which increased by 26%.
“In 2023, due to the impact of inflation, consumer demand and orders are limited, the export market of crab and other crustaceans is narrower than in the same period last year,” VASEP said.
By the end of October 2023, crab and other crustacean products of Vietnam had been exported to 32 markets around the world.
Among export markets, Japan, the US, China Hong Kong, France, Canada, and the UK are the 06 largest ones for crabs and other crustaceans of Vietnam, accounting for 96% of total export turnover.
In general, Vietnam’s exports of crabs and other crustaceans to the main markets still decreased over the same period last year. Specifically, exports to China and Hong Kong decreased by 75%, France by 41%, and the UK by 23%… However, there were several markets such as Japan increased by 38%, the US increased by 2%, and Canada increased by 22%.
Notably, among these markets, only Japan has continuously increased imports of Vietnam’s crab since the beginning of the year. Along with Japan, Canada has strongly increased crab imports from Vietnam in many months since the beginning of the year, with exports to this country up by 03 digits in some months.
According to the statistics of Vietnam Customs, there are more than 100 enterprises across the country participating in exporting this product group. In particular, the three largest export companies are Trung Son Long An One Member Co., Ltd; Trung Son Hung Yen Export Food Joint Stock Company; and Trinity Vietnam Co., Ltd.
Vietnam’s crab has been exported to 32 markets around the world.
Besides, according to VASEP, the Middle East market accounts for 1.3% of Vietnam’s total shrimp exports. In the context of many challenges from the main consumption markets, looking to smaller but potential markets is also a choice. By October 2023, Vietnam’s shrimp exports to the Middle East market reached more than 39 million USD, down 10% over the same period last year. VASEP said this was a slight decrease compared to other major markets.
Accordingly, the largest single markets importing Vietnam’s shrimp in the Middle East are Israel, Saudi Arabia, UAE, Qatar, Lebanon, Turkey, Iran, Kuwait, etc.
Specifically, Vietnam’s shrimp exports to some markets in the Middle East recorded an increase over the same period last year such as Saudi Arabia recorded a 42-fold increase (reaching 7.6 million USD), Iran recorded an 8-fold increase (reaching 1.7 million USD), Kuwait and Lebanon recorded double-digit growth, Oman increased 16-fold, and exports to Qatar increased 4-fold.
VASEP said that the Middle East has potential. Because this area is not strong in farming and processing production, it depends heavily on food supply from imports.
Factors related to natural conditions such as weather and soil are not suitable for agricultural production. Therefore, to meet domestic demand, the Middle East must import up to 80% of food, equivalent to 40 billion USD per year.
However, VASEP said that this market has high requirements for imported food products such as Halal certification. The supplier needs to process and pack under this standard.
At the same time, this is a potential market for Vietnam’s seafood. The purchasing power is equal to the ASEAN market and the room can be tripled if it is focused on development. It is necessary to have more information channels on the needs and requirements of this market along with support from the state’s programs on market promotion so that businesses can have more opportunities to increase exports./.