US remains Vietnam’s largest seafood importer as exports slip.
Exports of seafood in the first ten months of this year earned revenue of nearly $7.5 billion, down 20 per cent year-on-year, figures from the Vietnam Association of Seafood Exporters and Producers (VASEP) show.
Shrimp exports totaled over $2.8 billion, accounting for 38 per cent of all aquatic export value but representing a year-on-year decline of 24 per cent.
Meanwhile, exports of tra fish earned more than $1.5 billion, down 28 per cent year-on-year. However, October exports showed signs of recovery, with a year-on-year increase of 5 per cent, estimated at $189 million. Growth was attributed to increasing demand for tra fish in the US.
Exports of tuna and crab in October also posted double-digit growth in revenue, of 13 per cent and 40 per cent, reaching $87 million and $28 million, respectively.
The figures brought the total shipment value of tuna and crab in the ten-month period to $704 million and $164 million, respectively.
The US remains Vietnam’s top seafood importer, after importing a record $2.15 billion worth last year.
However, seafood exports to the US in the third quarter of 2023 fell 34 per cent year-on-year to $1.16 billion.
Assessing the US market over the remaining months of the year, Deputy Secretary of VASEP Nguyen Hoai Nam said there are opportunities to boost seafood exports because consumption in the market is showing signs of recovery and the product inventory ratio at distributors and retailers in the US has fallen together with a recovery in orders for the year-end festive season.