Despite heavily interrupted trade with Russia – brought by the ongoing Ukraine conflict – and increased costs, Vietnam exported around US$920 million worth of seafood to overseas markets in March, thereby achieving a 25% growth rate compared with the corresponding month of 2021, according to the latest estimate from the Vietnam Association of Seafood Exporters and Producers (Vasep).
With the country’s seafood exports increasing by 44% in January and 62% in February, the first-quarter trade was worth an estimated $2.4 billion, up 40% compared to Q1 2021.
Vasep said the positive results were mainly due to a strong recovery in Vietnam’s pangasius exports – particularly in the major US, China and EU markets, with the trade increasing 80% to $261 million in March.
By the end of March 2022, the accumulated pangasius exports were valued at around $646 million, up 88% year-on-year. The fish accounted for 27% of Vietnam’s total seafood export value.
Valued at $345 million, shrimp accounted for the highest proportion of export turnover (37%) in March. Total shrimp exports in Q1 2022 were $900 million, 37% higher than in the corresponding period of last year.
Vasep also advised that the war in Ukraine has directly affected Vietnam’s fishing industry, with fuel prices so high that many fishermen have tied up or sold their vessels. At the same time, the seafood processing industry, which was already facing difficulties in terms of raw materials, is in short supply.
Total marine product exports in the first-quarter were estimated at $878 million, up 20%, thanks to high growth in the first two months of the year. Tuna exports for January and February reached $234 million – up 55%, while cephalopod exports increased 35% to $156 million. Exports of molluscs and crabs reached $30 million and $54 million respectively, up 23% and 70% compared to Q1 2021.
In terms of markets, Vietnam’s seafood exports to the US increased by 42%, to China by 77%, to the EU by 37% and to South Korea by 23%.
But exports to Russia decreased by 86% in March to just $2.7 million, and exports to Ukraine halted last month. In the first two months of the year, seafood exports to Ukraine amounted to $4.5 million.
Seafood exports in April will continue to be affected by the Russia-Ukraine war, but still have growth momentum in major markets such as the US and EU, where trade activities and trade promotion have returned to the “new normal”, Vasep said.
It forecasts that April’s seafood exports will grow by 25% to $934 million.
Accordingly, the export of marine fish may decrease by 15%, but the export of pangasius will increase by 80% and shrimp will increase by 20%, tuna by 18%, and squid and octopus by 25%, it said.
