Exports Of Vietnamese Aquatic Products To China Increased By 71% in The First Seven Months Aug 10, 2022

According to the Vietnam Aquatic Products Processing and Export Association, since June 2022, Vietnam's aquatic products export activities have shown signs of cooling and slowing down. Currently, the average monthly export value has fallen to a level below 1 billion USD.

Specifically, in the first five months of 2022, the growth rate of Vietnam's aquatic exports reached 34-62% . However, in June 2022, the growth rate of aquatic products export value is only 18%. By July 2022, exports continued to rise slowly, reaching only $970 million, up 14% year-on-year but down 4% YoY, the lowest level since the beginning of the year. Cumulatively, fish exports reached nearly $6.7 billion in the first seven months of 2022, up 35% year-over-year.

In terms of shrimp exports, in June 2022, Vietnam's shrimp exports fell 1% year-on-year due to raw material shortage issues. By July 2022, shrimp exports continued to decline by nearly 13% to reach only $385 million. Cumulatively, shrimp exports reached $2.65 billion in the first seven months of this year, up 22% year-on-year.

In the second quarter of 2022, the value of Vietnam's cha fish exports slowed down due to weaker import demand in some markets. By July 2022, cha fish exports reached US$197 million, up 56% year-on-year. Cumulatively, in the first seven months of 2022, the value of cha fish exports exceeded $1.6 billion, up 79% year-on-year.

In addition, the growth rate of tuna, cuttlefish, octopus and other aquatic products exports remained at a high level (37-44%). By the end of July 2022, tuna exports reached US$641 million, up 53% year-on-year; cuttlefish and octopus exports reached US$417 million, up 31% year-on-year; and other aquatic products exports exceeded US$1.1 billion, up 16% year-on-year.

In terms of markets, Vietnam's fish exports to the US fell by 8% and 23% in June and July 2022, respectively. Cumulatively, fish exports to the U.S. reached nearly $1.5 billion in the first seven months of 2022, up 31 percent year-on-year.

In July 2022, Vietnam's fish exports to the EU increased by 28%. Cumulatively, in the first seven months of 2022, exports reached US$829 million, up 39% year-on-year. Fish exports to China reached US$1 billion, up 71% year-on-year.

Vietnam Aquatic Products Processing and Export Association predicts that in the third quarter of 2022, the growth rate of Vietnam's aquatic products exports will be lower than the level of the first and second quarters, with exports amounting to about $3 billion.