Illustration photo.
The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that seafood exports in July 2024 are estimated to have reached over $885 million, a 14% increase compared to the same period in 2023. This is the highest growth rate in the past six months and also the month with the highest export turnover so far this year. Cumulatively, in the first seven months of the year, Vietnam’s seafood exports reached $5.28 billion, up 7% compared to the same period last year.
In July 2024, shrimp exports increased by 11% – the highest growth rate in the first seven months. Shrimp exports to China and the EU increased by 24% and 32%, respectively, while exports to the US and Japan increased by 9% and 4%, respectively.
As of the end of July 2024, shrimp exports reached nearly $2 billion, up 7% compared to the same period last year. Of this, white-legged shrimp accounted for $1.45 billion (up 4%), while black tiger shrimp reached $246 million (down 10%). Notably, lobster exports increased nearly threefold to $145 million.
Tra fish exports showed a more positive signal with a 23% increase in July. Cumulatively, in the first seven months of the year, tra fish exports reached nearly $1.09 billion, up 7.7% compared to the same period last year.
China remains the number one market for Vietnamese tra fish, with a value of $317 million, down 2.3% compared to the same period in 2023. This market mainly consumes large-sized tra fish (>1.2 kg/fish) in the form of whole fish or fillets.
Additionally, China is a potential market for by-products such as tra fish swim bladders. In the first seven months of this year, swim bladder exports from Vietnam reached approximately $50 million, with $40 million worth of exports going to China, accounting for 80%.
After continuously growing by double digits, from 16% to 32%, tuna exports in July slowed down, increasing by only 9% compared to the same period last year. Cumulatively, in the first seven months, tuna exports reached $555 million, up 21% compared to the same period last year. Similarly, squid and octopus exports only reached approximately $351 million, equivalent to the same period in 2023.
Export turnover of some seafood items in July and the first seven months of 2024 (Unit: million USD)
According to VASEP, the four main markets showing a clear recovery in demand in July were China & Hong Kong (up 30%), the US (up 14%), Japan (up 11%), and the EU (up 14%).
Cumulatively, in the first seven months, seafood exports to the US and China-Hong Kong both increased by 10% and accounted for a similar proportion – nearly 18% of Vietnam’s total seafood exports, reaching over $930 million. Exports to the EU also increased by 10%, reaching over $600 million.
VASEP assessed that regarding frozen products, the US and EU markets are expected to perform well in the second half of the year due to positive signals such as economic recovery, decreasing inflation, and lower interest rates, which could stimulate demand in these markets.
However, exports of frozen products to China have not yet broken through, with relatively low prices. On the other hand, China is the number one destination for fresh and live seafood for restaurants, hotels, and tourism.
Therefore, VASEP believes that fresh live products such as lobsters, crabs, clams, and snails from Vietnam will continue to attract Chinese customers in the coming time.
Vietnam’s $800 million product captivates the US and Russia: Over 100 countries import it for consumption
This product is exported to over 100 countries worldwide and has helped Vietnam earn hundreds of millions of dollars.
China triples imports of Vietnamese seafood
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood exports reached nearly $750 million in January, a 64% increase compared to the same period last year. Notably, exports to many markets have surged.
Seafood stocks surge simultaneously
On February 26, the VN-Index started trading with a rebound as stocks in the securities, steel, fertilizer, and chemical sectors showed positive signs. The export sector also received good news, with the seafood group recording a series of stocks reaching the maximum price increase.
