Decline in Vietnamese seafood export value slows, but not enough for complete turnaround

A Minh Phu shrimp farm.

Vietnam’s seafood sales have continued to drop this year compared to 2022 due to low global demand, but the decline is showing signs of letting up, especially as seasonal festivals in the country – which often involve high levels of seafood trade – draw near.

Vietnam’s total seafood exports in August totaled USD 858.8 million (EUR 805.8 million), down 13 percent year over year, but the smallest monthly drop since March. August was also the third month in a row the total value of Vietnam’s seafood exports increased.

Year-over-year sales to the U.S. – Vietnam’s top export market – grew for the first time this year in August, reaching USD 165.2 million (EUR 155 million), up 5.2 percent. Sales to three other major markets rose, including Australia at USD 28.2 million (EUR 26.4 million), up 2.9 percent year over year; Italy at USD 11.9 million (EUR 11 million), rising 35.2 percent year over year; and the Philippines at USD 10.6 million (EUR 9.9 million), up 40.8 percent from August 2022.

However, exports to mainland China – the second-largest market for Vietnamese seafood products – fell in August to USD 124.7 million (EUR 117 million), down 6.5 percent year over year. That value was higher, though, than July’s sales, which totaled USD 115.2 million (EUR 108 million).

Signaling a continuance of the positive momentum, Vo Thi Tuong Oanh, Siam Canadian’s sales director for Vietnam, confirmed

Photo courtesy for the Center for Responsible Seafood

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