Despite a downturn in the export of aquatic products in the first month of 2023, exporters remain optimistic that the market will recover from the second quarter of this year, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP).

The association reported that in January, the total export value of aquatic products dropped 31 per cent to about US$600 million, with revenue generated from major markets also falling by 56 per cent in the US market, 55 per cent in China, and 35 per cent in the EU market.

Although the country posted a record aquatic export value of $11 billion in 2022, the result mostly came from high growth in the first three quarters. The trend reversed in the fourth quarter of 2022, with strong decreases in all products as many foreign markets were hit by high inflation.

Noting that seafood is an essential food item, Nguyen Thi Anh, Director of Song Tien Seafood Corporation, predicted that from the end of the first quarter and the beginning of the second quarter of this year, orders would start to increase, particularly for affordable products. She advised exporters to further exploit markets with high growth in the year, including those in Asia and the Middle East, to improve order numbers.

Experts asserted that there would be many risks in 2023 from the Russia-Ukraine conflict and the possible occurrence of new trade tensions, affecting seafood supply in major markets. The situation would likely bring challenges and opportunities for Vietnamese seafood, especially in the US, China and the EU.

Particularly, the reopening of China after a long period of applying their “Zero COVID” policy also brought great hope for demand recovery in the market and other markets worldwide when tourism and trade activities become smoother.

VASEP General Secretary Truong Dinh Hoe said that businesses expected market demand would improve and their seafood export activities would inflate again from the second quarter of 2023. In an optimistic scenario, he said that seafood exports in 2023 might fetch $10 billion.

He advised local firms to ensure their financial capacity to maintain stable production and materials to meet the demand at any time while adjusting their business development strategy better to meet requirements, legal regulations and standards of markets. — VNS