Highlights of seafood industry Nov. 2021

Seafood exports in November reached the highest value since the beginning of the year (911 million USD). While the output of farming and mining decreased slightly by 4.5% compared to October.


In November, the general seafood export continued to prosper. Specifically, the total seafood export value in Nov. reached US$ 911 million, an increase of +46% compared to Sep. 2021 (the period of social distancing) and +23% YoY. And this is also the month with the highest seafood export value since the beginning of the year.


The demand for seafood for the Christmas and New Year seasons in major seafood export markets continues to increase. Seafood processing enterprises are having to work overtime, boosting production capacity to meet orders.


However, the risk of shortage of raw materials for processing (especially pangasius) in the coming months, the problem of ensuring epidemic prevention in operations, international freight & some other operating costs increase. Growth is not a small challenge for seafood processing enterprises in general. In addition, the situation of COVID-19 epidemic in the Mekong Delta provinces is still complicated.


According to GSO's statistics, aquaculture production and exploitation in Nov decreased by 4.5% compared to Oct, of which pangasius (-21.8% MoM), shrimp (-19.6% MoM).

Details of 2 main industries


PANGASIUS


  • Pangasius exports recovered stronger than expected. According to preliminary estimates of VASEP, the export value of the whole month of November 2021 is ~ USD 178 million, +23% YoY, and is the month with the highest export value since the beginning of the year. The gain was mainly driven by demand from the US market. While the EU & China markets have not improved much. In addition, Brazil and Mexico are markets with positive growth, partially offsetting the decline in key markets.

  • With the production recovery of seafood processing enterprises, VASEP estimates that the export value of pangasius in 2021 could reach $1.54 billion, +3% compared to 2020.

  • Due to the increased demand for raw pangasius to serve Tet orders, while the supply was limited, the price of raw pangasius continued to inched up in Nov. Up to the first week of December, the price of raw pangasius fluctuated by ~23,500 VND/kg (an increase of 2,000 - 2,500 VND/kg) compared to the end of October 2021.


SHRIMP


  • In Nov, Shrimp exports continued to be quite good (both black tiger shrimp and vannamei shrimp), although down 17.8% month-on-month, due to a somewhat limited shrimp harvest (down -19.6% MoM).

  • Specifically, shrimp export value in Nov-2021 (for the whole month) is estimated at more than 349 million USD, up 10.9% YoY thanks to positive demand in major markets and increased export price of shrimp. In which, in the US, EU and some major markets in the CTCPP bloc (such as Canada and Australia), the demand for shrimp imports increased positively. In contrast, Asian markets, especially China & HK, have not improved much.

  • Shrimp export prospects are expected to increase sharply in 2022. Besides, Vietnamese shrimp products are becoming more and more competitive in the US when competitors (India) face many barriers due to the epidemic, especially when the US doubled anti-dumping duty on Indian shrimp from 3% to 7.15% in Nov.


According to VASEP's estimates, if businesses make good use of opportunities in major markets, Vietnam's shrimp export value could reach $3.9 billion in 2021, up 4-5% compared to 2020.


Source: Vietdata's December Fisheries Industry Report