Vietnam saw its seafood export value decline slightly last year as sales to its most important markets shrank during the COVID-19 pandemic.
According to latest customs data, the country exported seafood worth USD 8.41 billion (EUR 6.92 billion) in 2020, down 1.5 percent from 2019. This is the third year in a row that Vietnam has been unable to achieve its seafood export value goal. The country had set a target of USD 10 billion (EUR 8.22 billion) for 2020.
The country's seafood export value in December, however, rose 0.9 percent year-on-year to USD 731.1 million (EUR 601.7 million).
The United States became the largest buyer of seafood from Vietnam last year, with sales reaching USD 1.62 billion (EUR 1.33 billion), 10.2 percent higher year-on-year.
Despite the pandemic, Vietnam was able to boost exports of shrimp to the U.S., with sales rising 34 percent year-on-year to USD 806.6 million (EUR 663.8 million) in the first 11 months of 2020. That made the U.S. the largest export destination by value, Vietnam Association of Seafood Exporters and Producers (VASEP) said on 24 December.
However, sales of pangasius to the U.S. fell due to the COVID-19 outbreak. Vietnam exported pangasius worth USD 196.7 million (EUR 161.9 million) during the months spanning January to October – down 15.5 percent year-on-year – as the food sector was hit hard by the pandemic. VASEP expects the export value of pangasius to the U.S. in 2020 to go down by 15 percent from 2019.
Vietnam also recorded positive growth in other markets in 2020. The value of its seafood exports to the United Kingdom surged nearly 23 percent year-on-year to USD 344.9 million (EUR 275.6 million). Exports to Canada increased in value as well, increasing 14.9 percent to USD 263.8 million (EUR 217 million).
However, the increases in sales to markets outside of Asia weren’t enough to offset drops in several key markets in Asia. While the drops were not as dramatic as the gains made elsewhere, the size of the export value to Asian countries is large enough that even a moderate drop is significant.
The value of Vietnam’s exports to China dropped 4.8 percent to USD 1.18 billion (EUR 972 million) in 2020. Shrimp exports to China were worth USD 496.8 million (EUR 408.8 million) between January and November, up 0.8 percent year-on-year. However, the export value of pangasius contracted 18 percent to USD 428.3 million (EUR 352.5 million) in the first 10 months.
Notably, the strict measures imposed by Chinese authorities on import cargoes to avoid any potential transmission of the coronavirus caused delays in the delivery of seafood shipments from Vietnam, especially in the closing months of last year.
Vietnam's sales to Japan also shrank, dropping 2 percent year-on-year to USD 1.43 billion (EUR 1.18 billion). The value of exports to South Korea decreased as well – sales dropped 1.4 percent to USD 770.9 million (EUR 634.4 million), customs data showed.
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