Aquatic exports likely to bring in US$2.4 billion in fourth quarter

VASEP statistics indicate that Vietnamese seafood exports during the nine-month period fell by 22.6% year on year to US$6.6 billion.

In fact, the third quarter witnessed the lowest decrease of 12% year on-year in turnover, with the export of key products such as shrimp, pangasius, and tuna showing signs of improvement.

VASEP experts point out that the recovery in seafood export revenue moving forward largely depends on two main markets - the United States and China.

Although export orders from these two markets have rebounded, the average export price remains lower compared to the same period last year.

For example, the average export price of frozen pangasius fillet in the US during the nine-month period remained at a lower rate than 25% to 40% year on year.

Meanwhile, the export of other white fish species such as cod, pollock, tilapia, and pangasius to the US has faced hurdles, including high inventories from last year.

Insiders predict that there are positive signs ahead for aquatic exports to the US next year as retail inventories reduce.

With regard to the Chinese market, not only Vietnamese businesses, but also other exporters are also looking forward to a stable recovery and higher consumption demand in the market in the post-COVID period, especially during the year-end.

Moreover, China’s recent ban on seafood imports from Japan will also create opportunities for local businesses ahead in the remaining two months of the year.

With the recovery of several major markets, Vietnamese seafood exports this year are forecast to hit US$9 billion, a figure which is 17% lower than last year.