MEKSEA.COM – The market is experiencing a strong recovery, with businesses making substantial profits towards the end of 2023. The export of to major markets such as the United States, China, the Netherlands, Mexico, and the United Kingdom is showing signs of balance or exceeding the levels from the same period last year. This presents a significant opportunity for high-profit enterprises, and it is anticipated that by the end of 2023, the Vietnamese catfish market will generate substantial profits.

The Vietnam Association of Seafood Exporters and Producers (VASEP) has reported that by the end of September, catfish exports had generated revenue of 14 billion USD. Although this represented a 31% decrease compared to the same period in 2022, there has been a gradual recovery in catfish exports to key markets such as China, the United States, Mexico, Brazil, the Netherlands, and the United Kingdom.

In September alone, catfish exports fully recovered with a growth rate of 9% compared to the same period in 2022. This contributed to a 417% increase in Vietnam’s seafood exports to the United States, China, and the European Union compared to the same period in 2022.

According to VASEP, China and Hong Kong are the largest import markets for Vietnamese catfish in the first 8 months of the year, with a total purchase value of 378 million USD. The second-largest market is the United States, with an export value of 184 million USD in the first 8 months of the year.

VASEP believes that reducing inventory in the United States, combined with the positive impact of the comprehensive strategic partnership between Vietnam and the United States, will lead to export growth in the catfish market in the year’s final months.

In the European Union, catfish exports to many markets have also shown double-digit growth compared to last year. Sweden increased by 28%, Germany by 19%, and Denmark by 18%. Notably, some markets witnessed significant growth in catfish exports, such as Estonia with a 138% increase and Finland with an 11-fold increase.

VASEP emphasizes that the recovery of catfish exports to key markets is a positive sign for businesses in the industry to increase their revenue in the final months of the year.

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: Tepbac)

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