According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood exports in the first half of 2024 will only recover slightly compared to the low level of the same period in 2023 due to uncertain market demand.

The VASEP reported that seafood exports in 2023 are estimated at 9.2 billion USD, reaching 92% of the plan (10 billion USD). In particular, the focus is on the main commodity groups such as shrimp about 3.45 billion USD, catfish about 1.9 billion USD, krill about 0.8 billion USD, and tuna about 0.9 billion USD.

Vietnam’s seafood exports in the first half of 2024 will only recover slightly.

In 2024, the seafood industry sets a prudent target, with a total seafood output of 9.22 million tons, equivalent to 2023, and a turnover of 9.5 billion USD, which is a slight increase of 3% compared to 2023.

It is forecast that Vietnam’s seafood exports in the first half of 2024 will only recover slightly compared to the low level of the same period in 2023 due to uncertain market demand. The world economy still faces many difficulties. Inflation has decreased but not yet reached the target level of countries, and high interest rates… are the factors affecting the global economic recovery. Therefore, consumers will not be comfortable in spending decisions. It is difficult for the global seafood consumption demand to increase sharply.

However, with signals from the end of 2023, Vietnam’s seafood exports to some markets such as the US, EU, and Korea… are likely to recover in the first months of 2024. In addition, authorities and businesses continue to make attempts to expand the export market of seafood products.

Authorities and businesses continue to make attempts to expand the export market of seafood products.

According to Rabobank, in 2023, global shrimp supply increased sharply while demand decreased due to high inflation has caused an unbalanced supply-demand in the market. Rabobank forecasts that demand for shrimp in the markets will gradually recover in 2024. Accordingly, the economic outlook for growth in 2024 can boost demand and a slight recovery in shrimp prices. 

However, China’s shrimp demand declined in the second half of 2023 and this is likely to continue through 2024. This situation may motivate Ecuadorian shrimp exporters to shift to other markets instead of the Chinese market.

China’s squid production in 2023 is estimated at 757,000 tons. Meanwhile, China’s squid imports in the first 09 months of 2023 increased to 350,000 tons, compared to 334,000 tons in the same period in 2022. China’s decreased domestic squid consumption makes it difficult for businesses due to growing inventories. As a result, the outlook for squid in the Chinese market is not positive in the coming time./.

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