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VASEP: Seafood exports in January decreased by 31%; it is challenging to recover immediately

Seafood exports in January 2023 only reached USD 600 million, down 31% compared to the same period in 2022. VASEP believes that the picture of seafood exports will take more work to brighten up again in the first months of the year when the economy is forecasted to fall into recession this year.


Source: Internet


According to the Association of Seafood Exporters and Producers (VASEP), continuing the deep decline following the trend of the fourth quarter of 2022 along with the Lunar New Year, seafood exports in January 2023 only reached USD 600 million, down 31 % over the same period in 2022.


Exports of pangasius decreased by 50%, shrimp decreased by 46%, and tuna decreased by 32%. Remarkably, squid and octopus maintained a positive growth of 4%, and other marine fish species increased by 6%.


Exports to major markets in the first month of 2023 also dropped sharply, of which the US decreased by 56%, China - Hong Kong declined by 55%, and the EU decreased by 35%...


According to VASEP, the picture of seafood exports will not be able to brighten up again in the first months of the year when the world economy is forecasted to fall into recession this year. However, the seafood industry expects a recovery in demand and orders from the second quarter of 2023.


According to economic experts, in 2023, there are still many risks, including an escalation of the Russia-Ukraine conflict and the emergence of a transatlantic trade war that could continue to affect water supplies. Products in significant markets. However, this can also be an opportunity for Vietnamese seafood to increase its market share in markets such as the US, China, and the EU.


In addition, VASEP believes that the opening of China brings great hope for the recovery of demand in the billion-people market and other regions of the world when tourism and trade are smooth. And the recovery that the Chinese market brings will also have precise results from at least the second quarter of 2023.


Besides, seafood exports can still be optimistic in markets assessed to have economic growth this year, such as Asia, the Middle East.


In the above context, VASEP believes it is essential for seafood enterprises to ensure financial health to maintain stable production and ready raw materials when the consumption market recovers and can meet the demand-supply.


Moreover, businesses can take advantage of each industry in terms of supply and consumption market factors by capturing market information and forecasting.


Besides, the conditions for the business environment are also gradually improving in the direction of supporting more production and export. Accordingly, one of the important factors is the infrastructure and logistics for export production in the critical region of the Mekong Delta.


(Vietnambiz)




SEAFOOD INDUSTRY REPORT - DECEMBER 2022


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