In October 2024, seafood exports reached 1.1 billion USD, up nearly 31% over the same period last year and this is the first time after 27 months since June 2022 that the billion-dollar-a-month mark has been returned. The cumulative value in the first 10 months of 2024 reached 8.33 billion USD, up 12% over the same period last year with key products and major markets all increasing.

Shrimp, pangasius, tuna all increased

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 10 months of 2024, shrimp export turnover increased by 13%, pangasius increased by 9%, tuna increased by 18%.

Specifically, shrimp exports in October 2024 reached 394 million USD, up 24% compared to October 2023. The cumulative 10 months of 2024 reached 3.217 billion USD, up 13% over the same period last year. In terms of species, white-leg shrimp reached 2.3 billion USD, black tiger shrimp 376 million USD, other shrimp 541 million USD. According to VASEP, shrimp exports in 2024 could reach 4 billion USD.

Pangasius exports in October 2024 were nearly 202 million USD, up 17% compared to October 2023. The cumulative 10 months of 2024 reached 1.7 billion USD, up 9% over the same period last year. According to VASEP, pangasius exports in 2024 are likely to reach 2 billion USD.

Tuna exports in October 2024 were nearly 93 million USD, up 22% over October 2023. This is also the first month in the past 25 months that tuna exports in a month were over 90 million USD. The cumulative 10 months of 2024 were over 821 million USD, up 18% over the same period last year. According to VASEP, tuna exports in 2024 are likely to reach 1 billion USD.

Major markets are up

China and Hong Kong markets: Shrimp in October 2024 reached 91 million USD, up 44% compared to October 2023; the cumulative 10 months of 2024 reached 676 million USD, up 31% compared to the same period last year; of which, lobster increased by 157% with 298 million USD. Pangasius was consumed the most in China and Hong Kong in October 2024 with 61 million USD, up 9% compared to October 2023. However, due to low consumption in previous months, the cumulative 10 months of 2024 reached 479 million USD, down 2% compared to the same period last year.

US market: Shrimp in October 2024 was more than 80 million USD, up 17% compared to October 2023; Accumulated in the first 10 months of 2024, it reached 646 million USD, an increase of 10% over the same period last year. Pangasius in October 2024 was more than 35 million USD, an increase of 65% over October 2023; accumulated in the first 10 months of 2024 was more than 291 million USD, an increase of 28% over the same period last year. Tuna in October 2024 increased by 30% over October 2023.

Shrimp exports to the top 5 markets in the first 10 months of 2024 all increased compared to the same period last year.

- China and Hong Kong $676 million, up 31%;

- United States $646 million, up 10%;

- Japan $424 million, up 18%;

- EU $408 million, up 17%;

- South Korea $269 million, up 28%

EU market: Shrimp in October increased by 32% and the cumulative 10 months of 2024 reached 408 million USD, up 17% over the same period last year. Pangasius cumulative 10 months of 2024 was nearly 144 million USD, up 0.04% over the same period last year; some markets in the bloc increased by double digits such as Lithuania, Ireland, Italy, Belgium, Spain, Poland, Portugal. Tuna cumulative 10 months of 2024 increased by 17%.

Japanese market: Shrimp cumulative 10 months of 2024 increased by 18% with 424 million USD. Tuna in October 2024 increased by nearly 31% compared to October 2023.

Korean market: Shrimp cumulative 10 months of 2024 increased by 28% with 269 million USD.

CPTPP market: Pangasius ranked 3rd after China-Hong Kong and the United States, with a cumulative 10-month export value of more than 224 million USD, up 11% over the same period last year.

Middle East market: Tuna in October 2024 increased sharply compared to October 2023, such as Saudi Arabia increased by 72%, Egypt increased by 70%, Israel increased by 55%.

Potential to reach 10 billion USD by 2024

According to VASEP, the current growth momentum of seafood exports will be maintained and in 2024, the turnover is likely to reach 10 billion USD.

China is implementing policies to promote consumption, which can help increase shrimp imports from Vietnam. After Mr. Trump was re-elected as president, the United States is proposing to increase import taxes on goods, causing US businesses to tend to speed up the import of goods to stock up before taxes, so in the short term, the demand for shrimp and pangasius imports will increase. Orders also increase because Vietnam and the United States have become comprehensive strategic partners.

The Japanese economy has brightened after many gloomy months, the yen has strengthened since September, increasing demand for goods and will boost seafood imports. Among them, Vietnamese tuna has recovered strongly in October 2024 and will continue to grow strongly.

Shrimp export prices have shown signs of increasing, especially white-leg shrimp, helping to improve business profits. In many farming areas, raw shrimp prices are also increasing, creating an exciting atmosphere supporting production and export.

Source: Tep Bac