According to the Import-Export Department (Ministry of Industry and Trade), Vietnam's seafood exports to Canada reached USD 22 million, an increase of 14% compared to December 2022. This is the 4th consecutive month that seafood exports to this market increased compared to the same period last year.

However, seafood exports to Canada have continuously decreased sharply in the first months of the year, therefore for the whole year 2023, Vietnam's seafood exports to Canada still decreased by 38.5% compared to 2022.

According to Ibisworld, the revenue of the Canadian seafood industry has decreased by an average of 1% per year over the past 5 years, estimated to reach about CAD 6.1 billion (equivalent to USD 4.5 billion) in 2023..

Canada's seafood consumption decreased as consumers switched from seafood products to beef, chicken and other protein items when the economy faces difficulties.

Consumers tend to switch to protein sources with lower prices than seafood. While not all seafood products are expensive, many are more expensive than staples like chicken. Weak pepper demand causes Canadian seafood imports to decrease.

According to statistics from the Canadian Customs Agency, in the first 10 months of 2023, this country's seafood imports reached USD 2.5 billion, a decrease of 18% compared to the same period in 2022. Vietnam is the 7th largest seafood supply market for Canada in the first 10 months of 2023 with a proportion of 7.17%.

The structure of seafood products exported to the Canadian market has changed a lot when the proportion of frozen shrimp and frozen tuna decreased, while the proportion of pangasius and canned tuna increased.

This shows that in economic difficulties, exports of high-priced seafood products to Canada decreased more sharply than those of lower-priced products.

Accordingly, the export value of frozen shrimp decreased by 48%, frozen tuna exports decreased by 51%, while pangasius exports decreased at a lower level, with 36%, and canned tuna increased by 7.5%.

In the upcoming period, Vietnam's seafood exports to Canada will have a chance to recover because the country's consumption demand is forecast to increase in the next 5 years.

According to Statista's forecast, Canada's seafood revenue will reach USD 4.8 billion by 2024 and an average growth of 4.9% p.a.

Kylie Nguyen