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.


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

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.


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.
Binh Thuan’s leaders received the Consul General of Canada in Ho Chi Minh City
BTO - Deputy Permanent Chairman of the Provincial People’s Committee Phan Van Dang on May 17th morning received Ms. Annie Dubé - Consul General of Canada in Ho Chi Minh City and her delegation during their visit to the province. The meeting had the participation of leaders from several relevant departments and agencies.
Do not miss
  • Exploring the wavy pass in the old jungle
    one month ago Travel
    Dai Ninh Pass is not the highest area in the Phan Son and Phan Lam forests, but this is the peak of the National Highway 28B connecting the two provinces of Binh Thuan and Lam Dong. The starting point is Luong Son Town, Bac Binh district, and the final point is adjacent to Highway 20 in Ninh Gia commune, Duc Trong district (Lam Dong), with a length of nearly 70 km.
  • Binh Thuan to boost tourism via the allure of its culinary
    one month ago Culture
    BTO - Along with beautiful natural landscapes and unique cultural identity, the essence of cuisine is becoming a “specialty” attracting tourists. This is considered one of the main reasons for travelers to choose a destination and act as a “bridge” to keep tourists coming back.
  • Photo exhibition on “President Ho Chi Minh with the glorious victory of the nation” held in Binh Thuan
    one month ago Culture
    BTO - A photo exhibition “President Ho Chi Minh with the glorious victory of the nation” is being held to celebrate the 49th anniversary of the Liberation Day of Binh Thuan Homeland (April 19, 1975 - April 19, 2024), which is also linked to the 49th anniversary of the Liberation of the South, the reunification of the country (April 30, 1975 - April 30, 2024).
  • Books brought to students in ethnic minority areas
    one month ago Culture
    BTO – In response to “Book and Reading Culture Day”, Dong Giang Elementary and Middle School (Ham Thuan Bac) has recently observed a significant and interesting activity at the schoolyard. To improve Vietnamese language proficiency for students, especially primary school students in ethnic minority areas, and help them grasp other subjects.
  • Phu Quy: Exploring an ancient pagoda in the middle of the sea
    one month ago Culture
    BTO - History records that Linh Quang originally was a simple thatched pagoda built in 1747 to worship and serve as a residence for the abbots. However, at the end of the 18th century, this temple was unfortunately destroyed by fire, many precious ancient heritages in the temple were damaged except the bronze and terracotta Buddha statues.
  • Mui Ne among the top 5 unique destinations in Asia-Pacific
    one month ago Travel
    BTO – Mui Ne, a tourist destination in Phan Thiet, Binh Thuan has been listed in the list of top 5 unique destinations in Asia-Pacific, according to a recent list released by
  • More than 1,500 billion VND in favor of offshore fishing vessels
    one month ago Society
    BTO - In October 2017, Binh Thuan provincial People’s Committee established a Steering Committee to implement policies to encourage and support the exploitation, aquaculture, and seafood exploitation services in distant sea areas according to Decision 48/2010/QD-TTg of the Prime Minister and seafood development policies according to Decree 67/2014/ND-CP of the Government.
  • An endless fascination of Binh Thuan’s marine and island tourism
    one month ago Travel
    BTO - Having the strength of marine and island tourism, and many favorable factors in foreign traffic, beautiful weather, etc, Binh Thuan province has shown its attraction in recent times as well as the upcoming holidays.
  • Top must-visit tourist destinations in Binh Thuan
    one month ago Travel
    BTO – As you arrive in Binh Thuan, you will enjoy the turquoise sea - white sand - golden sunshine, and especially the indispensable fresh seafood dishes.
  • Binh Thuan: Revenues from tourism activities reached over VND5,700 billion
    one month ago Travel
    BTO - The latest statistics show that in the first quarter of 2024, the entire province is estimated to receive more visitors and achieve revenue from tourism activities, increasing compared to last year.
  • Ambassador Extraordinary and Plenipotentiary of the Lao People’s Democratic Republic in Vietnam visited and worked in Binh Thuan
    one month ago Externat Relations
    BTO - On the March 26 morning, the delegation of the Lao Embassy and Consulate General in Ho Chi Minh City visited and worked in Binh Thuan. The working delegation was led by Comrade Khamphao Ernthavanh, Ambassador Extraordinary and Plenipotentiary of the Lao People’s Democratic Republic in Vietnam. Mr. Doan Anh Dung, Chairman of the Provincial People’s Committee, and representatives of departments and agencies welcomed the working delegation.
  • Various activities in response to the “Youth Month, Border March” 2024
    one month ago Society
    BTO - In response to the “Youth Month, Border March” program in 2024, the provincial Border Guard Youth Union has carried out many practical and meaningful programs.
  • Phu Quy Island starts peak tourism season
    2 month ago Travel
    BTO – As the weather in the South starts to get hot, tourists tend to prefer island beach tourism. Therefore, it is predicted that Phu Quy Island will become a “hot spot” in the coming months, which is also the time leading up to the traditional saying “in the third lunar month, the old lady goes to the beach” and coincides with the holiday of April 30th - May 1st, 2024
  • Hung Vuong Park to be a community-based amusement and entertainment area
    2 month ago Culture
    BTO – In a recent meeting to hear opinions on the planning scheme of Hung Vuong Park, the Binh Thuan Provincial Party Standing Committee concluded that Hung Vuong would be an amusement and entertainment area serving the community.
  • Binh Thuan leaders visit and wish a happy Ramuwam Tet
    2 month ago Society
    BTO - On March 14 morning, Vice Chairman of the provincial People’s Committee Nguyen Minh visited and wished a happy Tet to the leadership of Cham villages and neighborhoods; the venerable monks and officials who are observing the Ramadan fasting month at the temples; exemplary individuals living in Bac Binh and Tuy Phong districts on the occasion of the Ramuwam Tet in 2024 of the Cham people following the Ba Ni religion.
  • Binh Thuan land in the eyes of  strategic investors
    BTO - The land of Binh Thuan, full of wind and sunshine, stands out from other regions, making it the most attractive resource for investors in the current economic trend. Recently, at the announcement ceremony of the Binh Thuan provincial planning for the period 2021 - 2030, with a vision towards 2050.
  • Binh Thuan to pilot STEM education at the primary schools
    2 month ago Education
    BTO - In the academic year 2023 - 2024, Binh Thuan is implementing a pilot program to teach STEM education in primary schools. The program has initially developed and nurtured the necessary qualities and skills for students, contributing effectively to the implementation of the General Education Program (GEP) 2018.
  • Rich flavor and delicious aroma of Phan Thiet fish sauce’s OCOP product
    2 month ago Business
    BTO - Phan Thiet fish sauce is renowned for its delicious aroma, with a golden or brownish-yellow color, and a lingering fragrance.
  • Phu Quy Island determined to remove plastic waste for cleaner tourism
    2 month ago Travel
    BTO - The island district of Phu Quy has organized a campaign to combat plastic waste, urging tourists not to bring plastic waste to the island. This action demonstrates that Phu Quy has recognized the risks and is determined to protect the environment, reminding both tourists and locals to eliminate plastic waste on the emerald island.
  • A day to explore the splendid mountain pass between Binh Thuan and Lam Dong
    2 month ago Travel
    BTO - Located at an altitude of 800 m sea level, dark clouds cover the top of the pass when it is going to rain, people cannot see each other's faces clearly within 5 meters apart, but when the clouds disperse, the golden sunlight is exposed and the weather is getting warmer.
Seafood exports expected to reach $3b in Q3