After a sharp decline in January, seafood exports in the first half of February 2023 increased by 42% over the same period. The total seafood export value in February reached about $662 million, a slight increase of 4% compared to the same period in 2022.
The export result in February was more positive than the previous month with a modest increase of 4%. However, this does not reflect the recovery trend as the same period in 2022 was the Lunar New Year.
Accumulated in the first two months of the year, seafood exports reached over $1.1 billion, down 26% over the same period in 2022. Of which pangasius exports fell by 38% to $240 million, shrimp fell by 37% to $350 million, and tuna fell by 27% to $113 million. Exports of cephalopod and marine fish tend to be more positive with a growth of 6% each, reaching $103 million and $273 million, respectively.
The reopening of the Chinese market has created favorable conditions for exporters. In Feb, seafood exports value to this market increased by 33% to $122 million. Accumulating the first 2 months of 2023, seafood exports to China reached $158 million, decreasing 7%.
The US and EU markets have not shown any sign of recovery in Feb, thus exports to these two markets fell by 35% and 8% respectively. By the end of February 2023, seafood exports to the US were down 53% to $164 million, to the EU down 32% to $123 million.
Seafood exports to Korea, CPTPP countries, and some other markets tend to be more positive. South Korea increased by 26% in importing Vietnamese seafood in February, while the CPTPP bloc increased by 14%. However, due to a sharp decrease in January, the results for the first 2 months of the year to these markets were still lower than in the same period.
The market demand is gradually recovering, especially at the Chinese market and many other small markets. The raw material of aquatic materials (shrimp, pangasius) will also increase in the next month, thus exports in March and April will increase.
Read more: Seafood Industry Report
SEAFOOD INDUSTRY REPORT 2022 & OUTLOOK 2023