Blue lobster, dried shrimp, tuna exceptions as seafood exports decline

Vietnam's Jan-Oct seafood exports dropped 21% year-on-year to $7.43 billion, but some products like blue lobster, dried shrimp and tuna enjoyed significant growth.

A Monday release from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that while exports of white leg shrimp and black tiger shrimp decreased by 24% and 22% year-on-year respectively, that of blue lobster increased 21% to $103 million with China as the main buyer.

Blue lobster remained in high demand in China, particularly at the end of the year, with the rapid rebound of restaurant and hotel industries.

Meanwhile, orders for dried shrimp increased from several countries including South Korea, China, Malaysia, Singapore and Australia. As of October, dried shrimp exports had climbed 20% year-on-year to over $17.4 million.

Pangasius exports fell 29% year-on-year in the ten-month period, owing mostly to a 33% drop in frozen pangasius fillets. However, some pangasius-based products continued to be popular. Exports of dried pangasius fish bladder reached $72 million, representing a 43% year-on-year increase.

The fall would have been much greater if China had not significantly increased its purchase of Vietnamese pangasius products by 56% year on year to more than $57 million, accounting for 80% of the total.

Exports of pangasius patties, smoked pangasius, and fried pangasius pieces increased by 50–30% compared to last year.

Jan-Oct tuna exports were down 22% year-on-year, with fillets and frozen loins falling 41% year-on-year. Export of canned tuna rose 7% year-on-year to $205 million with strong two-three digit growth in the Israeli, South Korean and European markets. The export of canned tuna products in oil increased 16% to $124 million.

According to VASEP, inflation has triggered increased demand for general seafood products while reducing it for high-end seafood this year. This has been a trend in most major markets, including the U.S., the EU, Japan and South Korea.

In the post-Covid pandemic scenario, the Chinese market's demand for seafood products is becoming increasingly broad, catering to a wider range of consumers. For instance, there has been an explosive growth in the seafood hotpot market; pangasius cooked with pickles has become popular and the demand for sustainable seafood is surging. Despite its stringent quality and traceability standards, enterprises consider China as a market with great potential for seafood exports.

In general, however, markets are only improving slowly and a breakthrough growth in seafood exports is not likely in the coming months, according to VASEP.

The association noted that although October is typically the busiest month, seafood export value was 9% lower than the same period last year at $825 million, down from the year's peak of $859 million in August.

The association has estimated seafood export value in 2023 at $9 billion, down 21% year-on-year.