November marks the first time this year that seafood exports have fallen, though the year-to-date figure is healthy.
Seafood exports fetched only $780 million in November, a decline of 14 percent over the same period last year, figures from the Vietnam Association of Seafood Exporters and Producers (VASEP) show.
Exports of key seafood items such as shrimp and pangasius fish saw declines of between 20 and 26 percent year-on-year, while exports of squid and octopus posted increases of 9 percent and 6 percent, respectively.
Despite the November performance, seafood exports totaled $10.2 billion in the first eleven months of 2022, an increase of 28 percent year-on-year.
“Seafood exports could reach some $11 billion this year, in which the export of shrimp, pangasius fish, aquatic products, and tuna are estimated at $4.3 billion, $2.5 billion, $3.2 billion, and $1 billion, respectively,” said Mr. Truong Dinh Hoe, General Secretary of VASEP.
“On average, the exportation of seafood products grew between 18 and 77 percent. The US, the EU, China, and Japan were the top four importers of seafood products, accounting for 74 percent of export turnover. For the first time, exports to the US hit $2 billion.”
Ms. Le Hang, Communications Director at VASEP, said reaching the $10 billion mark by the end of November was a result of strong growth in the first three quarters, but exports have slowed due to an inflation-triggered fall in demand.
Exports in October rose slightly, by 2 percent year-on-year, then fell 14 percent in November.
“Overseas shipments are forecast to contract even more in December, and the downward trend may linger into 2023,” she said. “Inflation-hit import markets will result in demand for commodities standing still in the first quarter of 2023.”