Vietnam's Seafood Exports Show Signs of Recovery in February 2023

The estimated total value of seafood exports for February was approximately $662 million, a modest increase compared to 2022.

However, VASEP noted that this increase does not yet reflect a recovery trend as the Lunar New Year occurred in early February last year, and the current increase is only a slight improvement over the previous month.

In the first two months of 2023, Vietnam's seafood exports totaled over $1.1 billion, a 26% decrease compared to the same period in 2022. The exports of tra fish, shrimp, and tuna saw a significant decline of 38%, 37%, and 27%, respectively.

On a positive note, exports of squid, octopus, and various types of sea fish increased by 6% each, reaching $103 million and $273 million, respectively. After reopening, exports to China began to show positive signals with an increase of 33% in February, reaching $122 million.

However, the US and EU markets still have no signs of recovery in February, resulting in a decrease of 35% and 8%, respectively, compared to the same period in 2022. Exports to the US reached $164 million, a decline of 53%, while exports to the EU decreased by 32% to $123 million.

On a brighter note, seafood exports to South Korea, CPTPP countries, and some other markets are showing a more optimistic trend. Imports of Vietnamese seafood to South Korea increased by 26% in February, and the CPTPP block increased by 14%.

VASEP believes that the demand for these markets is gradually recovering, especially China and many smaller markets. The source of seafood raw materials, such as shrimp and tra fish, is expected to increase in the next month, which will likely lead to a gradual increase in exports in March and April compared to the early months of the year.