Shrimp and pangasius exports have surpassed 4.2 billion USD in value. Photo by VASEP. |
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood export turnover in the third quarter reached 2.76 billion USD, up nearly 13% compared to the same period last year.
The main export items witnessed significant growth, including pangasius (+13.5%), shrimp (+17.5%), crab (+56%), and shellfish (+95%).
However, in September alone, tuna exports decreased by nearly 6% compared to the same period, resulting in a turnover for the third quarter that was only about 4% higher than the previous year.
VASEP attributed the decline in tuna exports to a new regulation on minimum tuna size, set at 0.5 meters, which has made it difficult for fishermen to catch tuna and left businesses struggling to source raw materials.
Cumulative exports of tuna in the first nine months increased by 16% over the same period last year to 715 million USD. Frozen tuna loin/steak accounted for 48% of the total export value, followed by canned tuna at 30%. The growth in tuna exports was mainly driven by the first half of the year.
Pangasius exports in the first nine months brought in 1.46 billion USD, up 8% from the same period last year. While it accounted for a modest proportion, processed pangasius exports surged by 42%, while frozen whole pangasius and frozen pangasius fillets/portions increased by 24% and 4%, respectively.
Shrimp, the top export earner, generated nearly 2.8 billion USD in the first three quarters, up nearly 11% from 2023.
In 2024, frozen shrimp exports continued to be impacted by the slow price recovery and price competition with Ecuador and India. Nevertheless, Vietnam’s processed shrimp maintained its strong position in the global market.
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Shrimp and pangasius exports bring in billions of USD
Source: VASEP
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Exports of processed squid and octopus products also showed positive signals compared to frozen products. However, the total export value of squid and octopus in the first nine months slightly decreased by 2.7% to 464 million USD.
Notably, crab exports maintained a high growth rate throughout the year, with a 56% increase in the third quarter and a 66% surge in the first nine months to 227 million USD. This remarkable performance was mainly driven by the strong demand for live crab exports to the Chinese market.
The association assessed that the positive signals in seafood exports would contribute to a more favorable outcome for the industry compared to 2023, with an estimated total export value of 9.5 billion USD, up 7%.
Specifically, shrimp exports are expected to reach nearly 4 billion USD, while pangasius and tuna are projected to attain around 2 billion USD and 1 billion USD, respectively. Squid and octopus exports are forecast to reach approximately 640 million USD.
VASEP remains optimistic about the recovery in market demand and the upward trend in export prices, which will motivate businesses to boost exports in the last months of this year and into 2025.
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