Seafood exports expected to reach $3b in Q3

16/08/2022, 14:11

Vietnam's seafood export value is expected to slow growth to US$3 billion in the third quarter due to a lack of raw materials and disadvantages in the market in the second half.

233311_xk_tom.jpg

In July, the growth rate of seafood exports continued to slow down to 14 per cent on the year, earning $970 million. Photo baodautu.vn

At the beginning of the year, farmers released shrimp due to the forecast that the weather would not be too cold. They have expected to early harvest raw shrimp. However, diseases and the quality of shrimp seeds have affected farming results.

According to Ho Quoc Luc, former chairman of the Vietnam Association of Seafood Exporters and Producers (VASEP) and also chairman of the Sao Ta Foods Joint Stock Company (FIMEX), there are three reasons for the shortage of raw shrimp, including disease, quality of shrimp varieties and water source.

By the end of this year, the supply of raw shrimp will not be abundant, and prices will remain high, said Luc. This will encourage farmers with the right financial conditions to expand production.

Although output has not increased or increased slightly while the world market prices have not increased, the shrimp export revenue is estimated to surge by 10 per cent over the year.

The higher export value is due to promoting deep-processed products with higher selling price at shrimp processing enterprises. The higher selling price is partly due to a surge in transport costs, said Lực.

Le Hang, deputy director of the VASEP.PRO Centre, said that the scarcity of raw materials for shrimp and seafood would continue to affect the export results in the third quarter. The export value in the third quarter would grow slower than in the second and the first quarter to reach about $3 billion, said Hằng.

After a substantial increase of 39-62 per cent in the first four months of this year, the seafood exports showed signs of cooling from May with a growth rate of 34 per cent. In June, it only increased by 18 per cent.

In July, the growth rate of seafood exports continued to slow down to 14 per cent on the year, earning $970 million. It was down 4 per cent compared to June 2022, according to Hằng.

The slowdown in exports from May was due to rain earlier every year, causing diseases in farmed shrimp. This decreased shrimp output, while the shrimp in reserve last year was also exhausted.

Shrimp exports in June decreased by 1 per cent on the year. In July, the exports plunged by nearly 13 per cent to reach $385 million.

In the first seven months, shrimp exports reached $2.65 billion, up 22 per cent over the same period last year.

Domestic shrimp production and world shrimp demand are forecast to not be positive in the second half of the year.

The shrimp supply from producing countries increased sharply in the first half of this year. The import volume of major markets, such as the US and EU, also increased in the first half, leading to an increase in inventories. Therefore, there was a slowdown in demand in the second half.

Meanwhile, domestic shrimp production is facing difficulties due to weather and high costs, so that raw shrimp will be in short supply in the year's second half.

Meanwhile, pangasius exports slowed down in the second quarter of 2022. But in July, pangasius exports surged by 56 per cent to $197 million.

The total pangasius exports in the first seven months of this year reached $1.6 billion, up 79 per cent.

When inflation is too high in many countries and export prices tend to increase, consumers in those countries will tighten their spending and switch to affordable products such as frozen pangasius fillets, fish cakes, and other frozen products, Hằng said.

By the end of July 2022, seafood exports rose by 53 per cent for tuna to $641 million, 31 per cent for squid and octopus to $417 million and 16 per cent for other marine fish products to $1.1 billion.

The higher seafood inventories and inflation affected the US imports from June. This caused the seafood exports to this market to drop by 8 per cent in June and 23 per cent in July.

However, the seafood export to the US in the first seven months reached nearly $1.5 billion, up 31 per cent over the same period last year, Hang said.

The seafood exports to the EU still maintained a growth rate of 28 per cent in July and 39 per cent in the first seven months, to $829 million, compared to the same period in 2021.

Meanwhile, the seafood export value to China in the first seven months grew by 71 per cent to $1 billion.

P.L

Related articles
Enterprises expect strong growth in lychee exports
Enterprises expect the export of lychees this year to increase by about 30 per cent this year.
Focus
Linking Destinations and Tourism Service Products for Development
BTO – Expected in early June 2025, Binh Thuan province, in collaboration with Lam Dong and Dak Nong provinces, will organize seminars on tourism product development and destination surveys. These efforts aim to stimulate tourism growth in 2025 under the theme “Binh Thuan – Endless Experiences"
Do not miss
  • When the Guns Went Silent: Arsenal Stumbles vs. PSG
    27 yesterday Sports
    BTO-Arsenal and PSG, both chasing their first-ever Champions League title, were set for a historic breakthrough this season. But Arsenal’s hopes took a major hit with a 0-1 home loss to PSG in the first leg of the semifinals, leaving them with a tough task ahead in the return leg in Paris.
  • "El Pulga" Alone Can’t Secure Glory
    27 yesterday Sports
    Lionel Messi is currently playing for Inter Miami in Major League Soccer (MLS). With his exceptional talent, "El Pulga" has played a vital role in turning the young club into a rising power. However, Messi alone cannot carry an Inter Miami squad that still lacks the composure needed in decisive matches. The clearest evidence of this came in the two legs of the Concacaf Champions Cup semifinals, where Inter Miami lost both matches, despite Messi being on the field.
  • Falling at the "Gates of Heaven
    one month ago Sports
    BTO-Carlos Alcaraz displayed remarkable form and composure throughout the 2025 Barcelona Open. The Spanish star made his way to the final without dropping a single set. However, at the final hurdle, the "Mini Nadal" stumbled at the "gates of heaven" as he was defeated 0-2 by Holger Rune. This loss also cost Alcaraz his world No. 2 ranking, which now belongs to Alexander Zverev.
  • Colorful Áo Dài and Folk Dance Showcase Marks 50 Years of Liberation
    one month ago Culture
    BTO – On the morning of April 26, the Bình Thuận Provincial Women's Union organized a mass Áo Dài and folk dance performance at Nguyễn Tất Thành Square in Phan Thiết City, featuring the participation of 600 female officials, members, and women from across the province.
  • Farewell to the “Bavarian Giants”
    one month ago Sports
    BTO-After a courageous 2-1 victory in the first leg of the Champions League quarterfinals, Inter Milan returned home to host Bayern Munich in the second leg. Though a one-goal lead was far from secure, the Italian side left no room for a comeback. With a 4-3 aggregate win, Inter officially booked their spot in the semifinals and ended Bayern’s campaign.
  • No Miracle at Signal Iduna Park
    one month ago Sports
    BTO-Barcelona has a reputation for collapsing under pressure, having twice squandered significant first-leg advantages in the Champions League knockout stages. That gave Dortmund hope for a dramatic comeback at Signal Iduna Park in the second leg. However, a four-goal deficit proved too great to overcome. The “miracle” didn’t happen, and despite winning the match, the German side was eliminated.
  • Phan Thiết – The 50-Year Journey: From Liberation to a Dynamic, Modern Coastal City
    one month ago Business
    April 19, 1975 – April 19, 2025: A proud 50-year milestone since the liberation of Phan Thiết. Half a century may not be long in the grand flow of history, but for Phan Thiết—a land once scarred by war—it marks a powerful transformation. From a battlefield to a vibrant, modern coastal city, Phan Thiết has grown and become a shining gem of Vietnamese tourism.
  • Red Devils Hold Off Blue Tide in Manchester Derby Stalemate
    one month ago Sports
    BTO-On the night of April 6, a classic Manchester derby unfolded at Old Trafford in Matchweek 31 of the Premier League, where Manchester United and Manchester City clashed in a high-stakes encounter. Despite having little left to fight for in the domestic league, the Red Devils showed pride and determination in front of their home crowd, grinding out a hard-earned 0-0 draw against a much stronger City side.
  • Nou Camp Nightmare: Dortmund Swept Aside by Ruthless Barca
    one month ago Sports
    BTO-Barcelona put on a dominant display in the UEFA Champions League quarterfinal first leg, thrashing Borussia Dortmund 4-0 in a one-sided encounter at the Nou Camp. The Catalan giants delighted their home crowd with a goal-fest, featuring strikes from Raphinha, Yamal, and a clinical brace from Robert Lewandowski.
  • Liverpool Bounces Back with Vital Victory Over Everton, Keeping Arsenal at Bay
    one month ago Sports
    BTO-After consecutive failures in the FA Cup, Champions League, and League Cup, the morale of Arne Slot's squad has been declining. Facing pressure following Arsenal's victory in the early match the day before, Liverpool was compelled to secure a good result against Everton. In round 30, The Kop overcame the pressure to restore a 12-point lead over Arsenal by defeating Everton at Anfield.
  • The Beauty of Hòn Cau Island
    2 month ago LANDSCAPES
    March signals the perfect time for a visit to Hòn Cau Island (Phước Thể, Tuy Phong) as the weather transitions and the golden sunlight bathes the island. Located about 110 km from Phan Thiết, Cù Lao Câu is a pristine, uninhabited island that has become a nature reserve, home to rare sea turtles.
  • The Final Goal
    2 month ago Sports
    BTO-Manchester City now only has one goal left: winning the FA Cup to salvage what has been a “disastrous” season. As a result, Coach Pep Guardiola and his players have put all their energy into the world’s oldest football tournament. After defeating Bournemouth in last night’s match, Man City officially secured their spot at Wembley to continue their ambitions in the competition.
  • Regaining the Top Spot
    2 month ago Sports
    Playing a day before their arch-rivals Barcelona, Real Madrid took full advantage of the opportunity to reclaim the top spot in La Liga with a comfortable 2-1 victory over Villarreal, thanks to a brace from Mbappe.
  • A Hard-Fought Victory
    2 month ago Sports
    BTO-On the evening of March 19, the Vietnam national team played their first international match since winning the AFF Cup 2024, hosting Cambodia in a friendly at Gò Đậu Stadium (Bình Dương). Given their superior standing, a victory for the “Golden Dragons” was widely anticipated. However, few expected it to be this challenging.
  • Farewell to the "King of Cups"
    2 month ago Sports
    BTO-After suffering a 1-0 home defeat in the first leg of the Champions League Round of 16, the French football powerhouse PSG was under immense pressure to win the return leg away at Liverpool. And they did just that, securing a place in the quarter-finals while ending the Reds’ European dream this season.
  • Surrendering the Title
    2 month ago Sports
    BTO- The highlight of Premier League Matchweek 28 was the showdown between Manchester United and Arsenal at Old Trafford. Arsenal desperately needed a victory to keep up with Liverpool, but they could only manage a draw, while the league leaders secured another win. This result confirmed that the Gunners have practically "surrendered" in the title race.
  • Even Djokovic Can’t Defy Time
    2 month ago Sports
    BTO-Novak Djokovic has just suffered a defeat against Botic Van De Zandschulp in the second round of  Indian Wells 2025, marking the first time in seven years that he has lost three consecutive matches. At 37 years old, Djokovic is still competing professionally, but the relentless passage of time may finally be catching up with the tennis "superhuman."
  • Binh Thuan Province to cooperate with Sun Group to unlock its Tourism Strengths
    BTO – On early March, the Standing Committee of the Provincial Party Committee and the People's Committee of Binh Thuan Province held a meeting with Sun Group regarding investment cooperation.
  • The King Has Fallen: Man Utd Crash Out of FA Cup
    2 month ago Sports
    Recently, Manchester United’s FA Cup title defense came to a crushing end as Fulham stunned the Red Devils in a dramatic penalty shootout to secure their place in the quarterfinals. Heading into the fifth-round clash at Old Trafford, Fulham had been in excellent form, while United continued to struggle with inconsistency. Despite playing at home, United failed to impose themselves and ultimately paid the price, with Bernd Leno emerging as Fulham’s hero in the penalty shootout.
  • Sunset Slope: Phan Thiet’s Hidden Gem for Breathtaking Views
    2 month ago LANDSCAPES
    BTO – Still in the heat of the first two lunar months, Sunset Slope on Co Mountain has become a renowned sunset-watching spot in Phan Thiet. Located in Phu Hai Ward, this stunning location offers breathtaking views of the mountains and coastline, creating the perfect setting to enjoy the beauty of the sunset.
POWERED BY ONECMS - A PRODUCT OF NEKO
Seafood exports expected to reach $3b in Q3