Vietnam made a record $9 Bn seafood exports in 2023

Vietnam made a record $9 Bn seafood exports

 Aquaculture is a major farming activity across Vietnam. Its economy depends a lot on Agriculture. Seafood is the main export of Vietnam and it's the most exported product of the country. According to Vietnam import export data, over $9 Billion worth of seafood were exported during the last fiscal year. Although, the exports were just short of the target, $10 Billion. But the country has made some promising returns from seafood exports. 

Among Vietnam's top seafood exports were shrimps, pangasius, tuna and molluscs. Shrimps were the most demanded seafood items from Vietnam. According to Vietnam export data, over $3.5 billion worth of shrimps were exported by Vietnam followed by pangasius whose exports were $1.9 billion during 2023. Cambodia and China were the biggest markets for Vietnam's seafood exports with over 66% market share. 


The United States was the third biggest seafood importer from VIetnam with 10% market share. Among the fastest growing markets for seafood exports were Singapore, Malaysia, United Kingdom, India and Saudi Arabia. Toh Fish and Minh Quy Seafood Processing were the top seafood export companies from Vietnam responsible for the maximum number of shipments in 2023.


7 Seas Fisheries from China, and Martinez Produce & Seafood from the United States were the biggest seafood importing companies from Vietnam accounting for maximum volume. On the other hand, Vietnam's imports were recorded to be $7.5 billion in 2023. Vietnam import data shows a slight decline of 5% as compared to 2022. 


Among top seafood suppliers were Norway, China, Indonesia, and Japan.  Norway was the biggest seafood supplier to Vietnam with over $1 billion in 2023. Norway was responsible for nearly 50% of Vietnam's seafood imports. Among the fastest growing markets were the Netherlands, Canada, Japan, Luxembourg and the United Kingdom. 


Salmar from Norway was the biggest seafood export company responsible for the maximum amount of shipments to Vietnam in 2023. During 2023, Vietnam's seafood exports were affected by the Russia-Ukraine war and recent Israel-Gaza conflict. Also, the spend over the country's aquaculture infrastructure was quite high. This caused high inflation in the country.


Vietnam is also the biggest market for molluscs exports. It ranks among the top 10 molluscs exporters in the world. Japan was the biggest molluscs importer from Vietnam with 18% market share. Thailand, China, South Korea, Italy and the United States were other prominent markets for Vietnam's molluscs exports. Vietnam seafood exports forecasts are positive for 2024 also. 


Vietnamese aquaculture business owners could expand their seafood exports to the international market with the global import export data provider. The global trade database offered by these companies could help seafood business owners get quality leads from the international market.


A trade data helps businesses find top seafood importing exporting countries, leading companies, international buyers list, and competitor records. It will help businesses make important decisions on product pricing, quantity evaluation, sourcing and high ROI lead generation. A data based marketing approach is the most economical way through which Vietnamese companies can expand their seafood sales globally and reap hefty rewards.

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