News

Seafood Exports Reach $4.4 Billion in First Half of the Year, Up 7%

The seafood industry witnessed robust growth in the first half of 2024, with export revenues surpassing $4.4 billion, marking a notable 7% increase from the previous year. A standout performer, tuna exports surged by nearly 25%, while seafood exports to the EU soared by an impressive 40% in June, painting a vibrant picture for the sector's future prospects.

Administrator

6 July, 2024

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the seafood export turnover of Vietnam in June 2024 is estimated to reach $875 million, a 14% increase compared to the same period last year. This was also the month with the highest export turnover since the beginning of the year.

SEAFOOD EXPORT TURNOVER INCREASED BY 7% IN THE FIRST HALF OF THE YEAR

In June, the export of most key seafood products witnessed high growth: pangasius increased by 22%, tuna by 40%, and crab by 59%. Meanwhile, shrimp exports slightly increased by 7%. Squid and octopus were the only products that experienced a slight decrease compared to the previous year.

In the first six months of 2024, seafood exports brought in over $4.4 billion, a nearly 7% increase compared to the same period in 2023.

From January to June, shrimp exports earned more than $1.6 billion, up 7% over the same period last year. Of which, white-legged shrimp reached nearly $1.2 billion, up 3%; black tiger shrimp reached over $200 million, down 10%. Notably, lobster exports surged by 57 times compared to the same period, reaching over $130 million.

Pangasius exports in the first half of the year reached $922 million, a nearly 6% increase compared to the same period. Although there has been an improvement in demand, pangasius export prices to major markets remain low, including China, the EU, and the UK. Only the US market showed more positive signals in both import volume and price of pangasius from Vietnam.

Seafood exports in the first six months. Source: VASEP

Tuna exports in the first half of the year increased by nearly 25% to $477 million, mainly due to the strong performance of canned and pouched tuna. Exports of tuna to most markets increased compared to the same period in 2023. The two largest markets for Vietnamese tuna are the US and the EU, accounting for 37% and 22% of the country’s tuna exports, respectively, and recording growth of 30% and 37% compared to the same period in 2023. Notably, tuna exports to Israel increased the most, by 64%; to Russia by 58%, and to South Korea by 66%…

VASEP stated that since 2021, the export of canned tuna from Vietnam has been on an upward trend. The export turnover of this product increased from $169 million in 2021 to $255 million in 2023, a 51% increase compared to 2022. Especially in 2024, the export of canned tuna from Vietnam has been growing faster each month.

Meanwhile, squid and octopus exports in the first six months of the year decreased slightly by 1% over the same period last year, reaching $289 million.

In addition to tuna, many other marine fish products have seen increased demand and sales in the first half of the year. These include barramundi, with export growth of 27% reaching over $36 million; threadfin bream, up 14% to over $29 million; cod, up 6%; hoki, up 8% to $38 million; and snapper, up 96%. Some freshwater fish with increased consumption include silver carp, up 32%; rohu, up 18%; and eel, up 93%.

SEAFOOD EXPORTS TO THE EU SOARED BY 40% IN JUNE

The most remarkable highlight in June 2024 was the surge in exports to the EU market. Statistics show that seafood exports from Vietnam to the EU market experienced the highest growth rate, increasing by 40% in June 2024. In the first half of the year, seafood exports to the EU reached $513 million, a 12% increase compared to the same period last year.

Experts explain that the EU market is gradually stabilizing. Market prices and consumer spending are stable, and seafood inflation continues to decrease, reaching 2.1% in May. Since March, inflation has even decreased significantly for frozen seafood, with a negative inflation rate of 0.9% in May. It is expected that the demand for and import of seafood in the EU will increase after the summer holiday season in Europe.

The two largest seafood export markets of Vietnam, the US and China, continued to record high growth in June 2024, with exports to the US increasing by 14% and to China by 18%.

According to VASEP, the US economy shows positive signals this year. Inflation in the US has dropped rapidly from 9% to 3%, and the country is expected to cut interest rates soon to stimulate consumption. In the first half of the year, seafood exports to the US reached $733 million, a 9% increase. Meanwhile, seafood exports to China in the same period only increased by 7%, reaching $766 million.

Regarding the Japanese market, seafood export turnover in June increased slightly by 2% over the same period. As of the end of June 2024, seafood exports to Japan reached $705 million, a slight decrease of 1% compared to the first half of 2023. The depreciation of the Japanese Yen by 12% against the US Dollar, the most significant among major currencies, has been a factor contributing to the decrease in Japan’s imports. Additionally, the ban on seafood imports from Japan by China has also slowed down Japan’s imports.

VASEP hopes that this year’s seafood export situation will stabilize according to the regular cycle, accelerating in the third and fourth quarters. It is forecasted that seafood export turnover in the last six months of the year will be about 15% higher than the same period in 2023, reaching over $5.5 billion, bringing the total seafood export turnover for the whole year of 2024 to nearly $10 billion, a 12% increase compared to 2023.