Vietnam's fish cake and surimi exports are still weak in Q2/2024. Fish cake and surimi exports decreased 11% in April compared to the same month the previous year, according to data from Vietnam Customs. Exports of this product totaled approximately $83 million in the first four months of this year, which is 12% less than the same time previous year.

Exchange rates have put significant pressure on prices in international markets, where everything is priced in US dollars. This has led to a decline in surimi prices. Additionally, the additional supply of surimi from Russia and reduced demand due to inflation from previous high prices have caused the current difficult situation.

Currently, the price of Russian pollock surimi for the 2024 A season has decreased by 20% compared to the previous season, threatening the survival of the tropical surimi industry in Asia. So, Vietnamese fish cake and surimi producers are having to adjust their prices to compete. According to information from a company, the price has been reduced to $2.45/kg, C&F to major ports in Asia for products with a gel strength of 500-700.

As a result, by the end of April 2024, Vietnam's exports of fish cake and surimi to major markets had declined compared to the same period last year. Specifically, in key markets such as South Korea, Thailand, China, and Hong Kong, export values ​​all fell compared to the same period. While the rate of decline in exports to South Korea has slowed, falling by 5% in April, exports to Thailand have fallen more rapidly, by 30%. Exports to China and Hong Kong, although still lower than the same period last year, are also slowing down, falling by 7% in April.

Meanwhile, exports to the EU rebounded strongly in April after falling in March, increasing by 104% compared to the same period. However, the EU's trade sanctions against Russia are reducing exports of seafood, including surimi, from Russia to this market, and this is an opportunity for Vietnam to increase exports here.