Contents
What Will Happen to Seafood Exports in the Second Quarter of 2023?
Seafood exports fell precipitously at the end of the first quarter of 2023. However, experts predict that this industry will rebound strongly in the second quarter of 2023 as a result of efforts to expand to find new orders.
The state of exports in the first quarter of 2023
According to the Vietnam Association of Seafood Exporters and Producers (Vasep), seafood export turnover is expected to be 780 million USD in March 2023, a 24% decrease from the same period in 2022. Snacks fell by 8-39%, with shrimp falling by 39%, pangasius falling by 23%, tuna falling by 33%, and squid and octopus falling by 8%.
By the end of the first quarter, shrimp exports had dropped 40% to USD 577 million, pangasius exports had dropped 32% to USD 447 million, and tuna exports had dropped 31% to USD 179 million.
Impact
According to Ms. Le Hang, Vasep’s Communications Director, the global market is still heavily influenced by inflation and the economic downturn, causing demand for seafood consumption and imports to fall and import prices to fall as well.
According to VASEP, shrimp exports will gradually recover in the first half of 2023 due to fierce competition from India, Ecuador, and Indonesia. Pangasius exports will be better in the context of inflation and economic decline in many markets, and there will be more excellent opportunities after China fully reopens following Covid-19.
VASEP, on the other hand, believes that China will become the largest import market, but that competition will be fierce because exporters and traders from other countries will focus on this market after it opens. Exports to the EU, US, Japan, and South Korean markets are difficult to break into because inflation causes consumers to tighten their spending and the average import price decreases compared to the previous year.
Is it possible to recover in the second quarter?
It is forecast that seafood exports will gradually recover in the second quarter after international fairs in the US and EU attract more customers to Vietnam.
However, the general trend in the first half of 2023 is that shrimp exports will recover slowly because of fierce competition with India, Ecuador, and Indonesia. Pangasius exports are more positive in the context of inflation and economic decline in many markets, and there are great opportunities after China fully reopens after a long time of the COVID-19 epidemic. Exports of marine fish are forecast to continue to increase, resulting in an increasing contribution of processed and exported goods and exported manufactured goods from imported materials such as salmon, cod, and pollock.
Thus, “seafood exports will likely recover gradually from the second quarter of 2023 after the organization of international fairs in the US and Europe, attracting more customers to Vietnam,” Ms. Hang admitted. determined.
Reasonable alterations to export products
Mr. Truong Dinh Hoe, General Secretary of VASEP, added that in the current environment, seafood enterprises are attempting to hold out and maintain production at an acceptable level in order to keep jobs for workers and preserve safety capital, as well as to be ready to accept opportunities when the market recovers.
Ms. Le Hang advised businesses to make reasonable changes in order to export their products. In China, for example, businesses should take advantage of their geographical proximity to increase exports in addition to frozen products. Shrimp and fresh/raw seafood for the restaurant, hotel, and tourism industries. With other major markets such as the US and the EU… businesses are more interested in the trend of importing goods for Asian supermarkets, which means that traditional Asian product lines such as dry goods, water fish sauce, fish sauce… continue to attract customers.
Find out more updated information at Da Nang Logistics!
Read more:
Transporting goods from Vietnam to Germany, the most prestigious number 1
Cheap and reliable express delivery service from Ho Chi Minh To Indonesia
