It is forecasted that Vietnam’s seafood exports will accelerate sharply from March 2021 as businesses have been determined and well prepared from supply to production to boost seafood exports in 2021.
Seafood exports account for 2% of the country’s total export value of Vietnam.
Catfish from Vietnam
Milo Weiler – Unsplash
According to a report by the General Statistics Office, in the first two months of 2021, the country’s seafood output reached 1,141.4 thousand tons, up 1.5% over the same period last year, including the aquaculture output of 600.5 thousand tons, up 2.5%; fishing output reached 540.9 thousand tons, up 0.5% (output of marine fishery reached 512.7 thousand tons, up 0.5%).
There are 853 enterprises engaged in seafood export. In which, there are 6 enterprises with a value of over 10 million USD.
There are 137 enterprises with export value in January 2021 from 1 to 9.9 million USD. The rest are export enterprises with a value of less than 1 million USD, accounting for 25.5% of the total seafood export value of the country.
In the first 2 months of 2021, Vietnam’s seafood export is estimated at 259.1 thousand tons with a value of 1,011 billion USD, up 5.5% in volume and down 0.7% in value over the same period in 2020. accounting for 2% of the total export value of goods of the country. Thus, Vietnam’s seafood exports in the first months of 2021 have not seen many major changes compared to 2020. It is forecasted that Vietnam’s seafood exports will accelerate sharply from March 2021 because businesses have had determination and careful preparation from supply to production to boost seafood exports in 2021.
Seafood exports to major markets have increased sharply
In the first two months of 2021, Vietnamese seafood was exported to 111 markets, of which Japan, the US, the EU, Korea, and China were the largest seafood consuming markets of Vietnam, respectively. Seafood exports to most major markets increased sharply over the same period in 2020.
According to statistics of Japan Customs, Japan’s seafood imports in 2020 reached 1.9 million tons with a value of 1,397 billion yen, equivalent to 13.28 billion USD, down 8.6% in volume and down. 14.9% in value compared to 2019. Vietnam is the third largest seafood supplier to Japan, accounting for 7.02% in volume and 8.46% in value, reaching 133.49 thousand tons with a value of 118.16 billion yen, equivalent to 1.123 billion USD, down 12% in volume and down 11.2% in value compared to 2019. It is forecasted that Japan’s seafood imports in 2021 will reach 1. 95 million tons, up 2.5% compared to 2020 with a value of 1400 billion yen, equivalent to 13.31 billion USD, up 0.2%. In which, Vietnam still remains the third largest seafood supplier to Japan.
For the US market, according to statistics from NMFS, US seafood imports in 2020 reached 2.94 million tons with a value of US$21.89 billion, up 3.2% in volume and down 2.3% in value compared to 2019. Vietnam is the 6th largest seafood supplier market to the US in terms of value, accounting for 6.41% to reach $1.4 billion, down 7% compared to 2019. The reason is due to the price. US seafood products imported from Vietnam decreased. In terms of volume, Vietnam is the 7th largest seafood supplier to the US after Thailand, accounting for 7.78% in volume reaching 228.9 thousand tons, up 1.8% compared to 2019. Forecast, 2021, US seafood imports increased slightly in volume to 2.95 million tons with a value of 22 billion USD, up 0.2% in volume and 0.5% in value over the same period in 2019.
Duanphorn Wiriya – Unsplash
The Chinese market consumes a lot of seafood imported from Vietnam. According to statistics of the General Department of Customs, Vietnam’s seafood exports to China in 2020 reached 462.03 thousand tons, worth 1.17 billion USD, up 3% in volume but down 4.8% in value compared to 2019.
Seafood exports to China in 2020 are not satisfactory because the two largest export groups, Catfish, basa and shrimp of all kinds, all decreased such as Catfish, basa down 3.3% in volume and 21.6% in value; shrimp of all kinds decreased by 8.2% in volume and 7% in value compared to 2019; The reduction of these two major items has greatly affected Vietnam’s total seafood exports to China in 2020. Along with other commodity groups also decreased such as octopus of all kinds, tuna of all kinds, fish sauce, fish bubbles. …
However, exports of some seafood groups of Vietnam to China in 2020 increased, such as dried fish, crabs, surimi, all kinds of squid, frozen fish, shellfish, shellfish of all kinds…
In 2020, Vietnam’s seafood exports to China have not grown well due to the impact of the Covid-19 epidemic. In 2021, it is forecast that Vietnam’s seafood exports to China will reach 490 thousand tons, worth 1.21 billion USD, up 6.1% in volume and 1.4% in value compared to 2020. .
China is not only the world’s largest seafood exporter, but it also consumes over 30% of the world’s total seafood reserves. With a large population, high demand for seafood, especially the tendency of Chinese people to consume high-quality products has increased in recent years.
According to research by the World Sea Food network in Shanghai, Chinese people’s seafood consumption is still increasing every year, corresponding to the trend of increasing imports and higher incomes of people. It is estimated that per capita seafood consumption in China in 2020 will reach 35.9 kg, while consumption in urban areas per capita has exceeded 40 kg.
According to experts, with increased consumption, it will create conditions for Vietnamese seafood to increase export turnover to China, and at the same time, Vietnamese seafood exporters need to promote processed seafood products. Ensuring food safety will be the choice of Chinese consumers in the context of the ongoing Covid-19 epidemic.
— By PRIMO Sourcing —