Vietnam seafood exports down 18% year-on-year to $9 bln

Vietnam's seafood exports reached $750 million in December 2023, pushing the annual total to $8.98 billion, according to the Ministry of Industry and Trade's latest estimates.

December’s seafood export value was down 5.1% month-on-month and down 0.3% year-on-year. The annual estimate of $8.98 billion is down 17.8% compared to 2022.

The trade ministry forecasts that seafood exports will only recover slightly in the first half of 2024 because demand remains uncertain.

It also notes that the world economy still faces many difficulties. Inflation and high interest rates continue to affect global economic recovery. Therefore, consumers will not be truly comfortable with their spending decisions, and global seafood consumption demand is unlikely to increase strongly, the ministry says.

However, some positive signals have been seen towards the end of this year that indicate seafood exports to some markets like the U.S., EU, and South Korea are likely to recover in the first months of 2024.

Authorities and businesses continue to make efforts to expand seafood export markets. For instance, the Vietnam Trade Office in Algeria recently coordinated with the Carrefour supermarket system to organize an event to introduce and promote pangasius fillets in the African country's capital.

Despite having a coastline of more than 1,000 km, the aquaculture industry is nascent and Algeria still has to import about 30,000 tons of all kinds of seafood each year, mainly fish fillets worth about $100 million per year. Frozen Vietnamese pangasius fillets have penetrated this market, with prices at stores, markets and supermarkets ranging from $7.5 to $13.8 per kilogram. Local customers have appreciated the taste and quality of Vietnamese seafood products.