Seafood exports in the second quarter may reach a record high of 3 billion USD

Seafood exports reached a very important milestone this March, that is, the monthly export value exceeded 1 billion USD for the first time. In April, seafood exports continued to grow strongly reaching 1.13 billion USD, surpassing the export value recorded in March.

As a result, seafood exports have reached over 1 billion USD per month for 2 consecutive months. This has brough seafood exports in the first 4 months of the year to more than 3.6 billion USD, up by 46.8% over the same period last year.

Seafood exports in the second quarter are forecast to continue the impressive growth, while the main seafood products are generally still very favorable in terms of output. Specifically, with the first ranking product being shrimp, exports in April reached 406 million USD, up by 35% over the same period last year, bringing the 4-month export turnover to 1.36 billion USD, up by 41.5% .

Pangasius exports in April reached 297 million USD, more than doubled compared to April 2021. Pangasius exports in the first 4 months of the year have reached $950 million, up by 94%, which is nearly doubled over the same period last year.

Many pangasius markets have recorded a breakthrough growth in recent months such as China, which recorded an increase of 161% in 4 months, reaching 306 million USD; America increased by 128% in 4 months, reaching more than 232 million USD; Canada is up by 69% in the first half of April, reaching 17.2 million USD.

Demand for Vietnam's key seafood products recovered and increased after Covid-19 in key consumer markets including the US and China, in combination with rising seafood prices, supply shortages in the world market due to the impact of the Russia-Ukraine conflict, is a great opportunity to export seafood and specifically key products.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the US and China will continue to be the main and decisive markets for maintaining the growth rate of seafood exports in the following months.

For the US market, many Vietnamese key seafood products currently have great opportunities, especially pangasius. With the catfish production in the US declining, anti-dumping tax following the final conclusion in POR17 is beneficial for Vietnamese pangasius exports to the US, more Vietnamese businesses are licensed to export pangasius to the US, etc. These circumstances are creating very favorable conditions for Vietnam to export pangasius to this market.

In China, the "Zero Covid" policy is causing difficulties for seafood export activities from other countries to this market when many import ports are forced to be closed, Covid testing on imported frozen products is becoming increasingly strict.

However, China is facing a shortage of seafood for export processing and domestic consumption. Therefore, Vietnamese seafood businesses are still finding great opportunities in the Chinese market. In the first 4 months of this year, seafood exports to China increased nearly 2 times over the same period last year reaching 578 million USD. Of the total amount exported, pangasius accounts for more than half of the seafood export value to China.

With the advantages of key seafood products output as well as the general demand for seafood from major markets, Ms. Le Hang, Deputy Director of VASEP.PRO Center forecasts that Vietnamese seafood exports in the second quarter will reach 2.8 - 3 billion USD, an increase of 36-38% over the same period in 2021. If it achieves the 3 billion USD milestone in the second quarter, the seafood industry will set a new record for quarterly export value.