Decline in Vietnam’s Seafood Imports
Vietnam’s seafood imports experienced a decline in the first five months of this year, reaching a total value of $699 million, which represents a decrease of nearly 4.2% compared to the previous year. The General Department of Vietnam Customs reported that in May alone, seafood imports amounted to $142.7 million, a decrease of 3.4% compared to the previous month.
India Ranks First Among Seafood Suppliers
Among the top 10 seafood suppliers to Vietnam, India holds the first rank, with a total seafood import value accounting for 13.6% ($95.14 million). This represents an 8.3% increase compared to the previous year. In May, the import value from India reached $22.13 million, showing an 89.4% increase compared to the prior month but a 4.9% decrease compared to the same period last year.
Norway follows as the second-largest supplier with an import value of $83.69 million, accounting for 12% of Vietnam’s total seafood imports, representing an 8.5% decline compared to the previous year. Southeast Asia ranks third, with an import value of $74.81 million, accounting for 10.7% of the total, and experiencing a 6% decrease from the previous year.
Plunge and Growth in Seafood Imports
While overall seafood imports in Vietnam witnessed a decline in volume during the first five months of 2020, several specific markets experienced significant changes. Singapore, Ireland, and the Philippines recorded notable declines of 82.6%, 68.2%, and 37.2% respectively.
Conversely, some markets saw elevated imports, including Myanmar (up 179.6% to $3.68 million), Malaysia (up 98.7% to $5.53 million), and Poland (up 40.2% to $3.69 million).
In conclusion, Vietnam’s seafood imports experienced a decline in value during the first five months of this year. India emerged as the leading supplier, while other markets both declined and saw growth. These developments highlight the dynamic nature of Vietnam’s seafood import market, influenced by various factors such as global supply and demand dynamics.