Agriculture & Food

According to customs data, the export volume of products from the South China Sea exceeded 1.8 billion US dollars in the first quarter of this year, but decreased by 27% year-on-year. This indicates that the situation in the export market of sea products is more difficult than expected. Experts predict that the prospects for sea product exports will gradually become clearer in the second quarter and are expected to start a better recovery from the third quarter.

The recovery of the Chinese market has led to adjustments in the product structure and market operation mode of export enterprises in the South China Sea to better adapt to the economic environment in 2023. Many companies expect that the opening of the Chinese market will boost imports and offset the decline in other major markets.

The US economy remains unstable, and although gasoline and electricity prices have begun to decline, food prices remain high. American consumers, especially low-income groups, are changing their diet and food purchasing channels.

There is a trend that many consumers are considering choosing chicken, beef, or pork over seafood. Discounted grocery stores usually have better sales performance than large supermarkets, and more and more people are buying ingredients to cook at home to save costs.

According to customs data, the United States is no longer the largest export market for products from the South China Sea. In the first quarter, its exports to it amounted to 283 million US dollars, a year-on-year decrease of 51%. Japan surpassed the United States and jumped to the top of the list. Customs data shows that in the first quarter, exports of products from the South China Sea reached 322 million US dollars, mainly supplying Japan with squid, cod, tuna, grouper, and other products.

Customs data shows that in the first quarter of this year, the export value of products from the South China Sea to China decreased by 27%, while the export value to the European Union decreased by 29% to only 210 million US dollars. The export value of shrimp and other seafood from Vietnam to the European Union decreased by 7% -50%, while the export of Bashar fish remained basically stable, mainly due to an increase in exports to Germany.

Customs data shows that in the first quarter of this year, exports of products from the South China Sea to the top five markets of the European Union, including Germany, the Netherlands, Belgium, Italy, and Spain, all showed a decrease, ranging from 4% to 44%. Some Eastern European countries are increasing their import efforts of products from the South China Sea, especially Bashar fish products.

Specifically, the export of Vietnamese salmon to Poland increased by 49%, to Lithuania by 29%, to Finland by nearly four times, and to Romania by 17%.