In January 2023, seafood export turnover reached about 600 million USD, down 31% compared with the same period last year. In particular, catfish decreased by 50%, shrimp decreased by 46%, tuna decreased by 32%; squid and octopus maintained positive growth of 4%, and other marine fish species increased by 6%…
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in January 2023, seafood exports continued to decline sharply following the trend of the last quarter of last year and the Lunar New Year holiday.
HOPE TO BE BRIGHT FROM THE BEGINNING OF THE SECOND QUARTER
By the end of the first month of the year, seafood exports only brought in 600 million USD, down 31% compared to January 2022. Of which: shrimp exports of all kinds earned more than 169 million USD (down 46% over the same period last year); catfish exports earned 107 million USD (down 50%); tuna exports gained nearly 60 million USD (down 32%). Some other key types of seafood still increased in export value, such as turnover of other types of fish reaching 169 million USD (up 6%); export of squid and octopus reaching nearly 66 million USD (up 4%).
Tuna exports in Jan 2023 decreased by 32% compared to the same period last year.
“Seafood exports to major markets in January 2023 all decreased sharply, of which, the US market decreased by 56%; China – Hong Kong decreased by 55%; the EU market decreased by 35%…”,
According to the VASEP
According to economic experts, there will be many risks in 2023, including the escalation of the war in Ukraine and the emergence of a transatlantic trade war that may continue to affect seafood supply in major markets. That context can also be considered an opportunity for Vietnamese seafood to increase supply to the US, China, and EU markets.
VASEP said that the seafood export picture will not be able to shine again in the first months of the year when the world economy is forecast to fall into a recession this year.
However, for consumer markets, seafood is still an essential food item and the demand will not decline too sharply. There will be an adjustment of demand by product segment. Accordingly, the advantage will be favorable to moderate-priced goods because it is suitable for low- or middle-income consumers, who are most affected by inflation.
In addition, China’s opening offers great hope for a recovery in demand not only in this market but also in other markets around the world, when tourism and trade are smooth. And the recovery that this market brings will also have clear results at least from the second quarter of 2023. Besides, we can be optimistic about the markets that are assessed to have economic growth this year such as Asia, and the Middle East.
In this context, it is important that seafood enterprises need to ensure financial health to maintain stable production and sources of materials are available to meet the demand when the consumption market is recovered.
Moreover, businesses can take advantage of each industry in terms of supply and consumption market factors by capturing market information and forecasts. In addition, the conditions for the business environment are gradually improving towards more supporting production and exports./.