(seafood.vasep.com.vn) Until the end of September 2016, total surimi exports of Vietnam reached US$181.6 surimi million, down 16.6% from the same period last year. Vietnam exported surimi to 33 markets, 6 markets lower compared to the same period of 2015. Top 5 major markets including Japan, South Korea, EU, China and Taiwan accounted for 69% of total exports.
South Korea
In QIII/2016, exports of fish paste and surimi from Vietnam to South Korea hit nearly US$24.4 million, down 7.6% over the same period last year. The total exports of these items in the first 9 months of this year decreased by 12.1% yoy, reaching nearly US$61.4 million.
Vietnam remained to be a leader in supplying fish paste and surimi to Korean market, followed by China, Indonesia, Thailand, Pakistan. Vietnam accounted for the market share of 45-65% in the Korean market of fish paste and surimi. Overall, surimi products of Vietnam exported to the market have high competitiveness.
China
Fish paste and surimi exports from Vietnam to China reported a year-on-year decline of 24.2% in QIII/2016, reaching more than US$7.15 million. Total exports to the market in the first 9 months of this year reached US$16.3 million, down 33.9% over the first 9 months of 2015.
Vietnam was the largest supplier of fish paste and surimi to this market. In the market, Vietnam took up the market share of 13-52% of total imports, followed by South Korea, Thailand, Malaysia, Indonesia. Predictably, in QIV/2016, exports of these items to the market won’t rise.
Japan
In QIII/2016, fish paste and surimi exports to Japan reached more than US$10.4 million, up 15.4% over the same period last year. The total export value to Japan in the first 9 months of the year reached US$25.4 million, down 3.2% over the first 9 months of 2015.
Vietnam continued to be the 5th largest source of fish paste and surimi to Japanese market, behind Thailand, Norway, India and China. Vietnam only accounted for 7% of the market share in the market.
Challenge and forecast
The main challenge for fish paste & surimi exporters is lower demand from Korea, Japan, China, EU. However, the production of pollock surimi of the US is forecast to be lower than expected, China raised importing tropical surimi from Vietnam, especially from Sep to Dec.
It is forecast that fish paste and surimi exports in QIV/2016 will reach US$70 million, up 6% compared to QIII/2016. In 2016, exports of the items will reach US$252 million, down 16.8% compared to 2015.