According to the Vietnam Association of Seafood Processing and Export (VASEP), Vietnam's seafood exports in the first nine months reached over US$9.1 billion, an increase of 11.4%. In September alone, seafood exports maintained a value of over US$1.1 billion, with a growth rate of 11.9% compared to the same period last year and higher than August; however, the export value was slightly lower than the previous month.
VASEP noted that these results show the industry maintained a large volume of transactions towards the end of the year, but the growth was uneven. Some product categories saw relatively rapid growth, while shrimp, the product with the largest market share, only increased by 3.9%.
China and Hong Kong were the most prominent markets, with September's export value reaching approximately US$315 million, a 39.9% increase. Cumulative figures reached US$2.3 billion, a 33% increase, accounting for about a quarter of Vietnam's seafood exports. Based on available data, this market's additional contribution accounted for approximately 62% of the overall year-on-year increase in export value.
Vietnam's seafood exports in the first nine months reached over $9.1 billion, an increase of 11.4%.
However, according to VASEP, Chinese purchasing power needs to be viewed in conjunction with domestic supply and competing imports. The reopening of fishing in the Yellow Sea-Bohai region from the beginning of September supplements domestic seafood, while the restoration of export rights for some Ecuadorian shrimp facilities increases choices for buyers.
In addition, the ASEAN market reached nearly $84 million in September, up 45.4%; cumulatively, it reached $620 million, up 21%. South Korea also saw a 16.4% increase in the month, bringing the nine-month result to $652 million, up 6.1%. Along with other markets that saw a 17.3% cumulative increase, these results helped the industry maintain growth while traditional markets faced difficulties.
US trade decreased by 3.4% in September to $176 million; the nine-month total reached $1.43 billion, an increase of only 0.9%. Additional tax costs and MMPA/COA requirements continued to impact transactions. Retail demand was also mixed: canned seafood saw increased sales, while fresh and frozen goods saw revenue growth primarily due to price increases.
EU exports decreased by 12.8% in September, reaching $93 million; cumulative exports reached $843 million, down 3%. Japan saw a 13.7% decrease in September, bringing the nine-month growth to just 0.8%, at $1.25 billion. The simultaneous decline in these two markets indicates that the positive signals from pangasius or processed products are not enough to boost overall growth for the entire product group.
VASEP predicts that, after a period of rapid growth in the third quarter, seafood exports are expected to slow down in the fourth quarter. Many orders for year-end consumption have already been imported and delivered early, making it difficult to maintain the high levels of recent months for additional purchases. With estimated results of over $9.1 billion for the first nine months, total exports for the year could reach approximately $12 billion.
However, VASEP also noted difficulties stemming from both supply and demand. Shrimp, pangasius, and tilapia all face raw material constraints, while market competition is increasing and buyers are more cautious about prices. Exports of wild-caught seafood are also struggling due to a lack of suitable raw materials and origin requirements. Therefore, even if some markets still have demand, the ability to fulfill orders may remain limited.
China, Hong Kong, and ASEAN continue to support exports, but this is unlikely to fully offset the slowdown in the US, EU, and Japan.
"The Q4 results are likely to be lower than Q3; full-year exports may still surpass the previous year, but the growth rate will narrow significantly compared to the double-digit growth of the first nine months," the Association predicted.
Source: https://giadinh.suckhoedoisong.vn/mot-nganh-hang-mui-nhon-cua-viet-nam-thu-ve-hon-9-ty-usd-trong-9-thang-172261004135618623.htm
