The result of 2.76 billion USD achieved in the third quarter brought the total seafood export turnover after 9 months of 2024 to 7.16 billion USD, an increase of 8.5% over the same period last year. In particular, key products all recorded breakthrough growth, especially shrimp and pangasius.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in September 2024, seafood exports reached 866 million USD, up 6.4% compared to September 2023. In the first 9 months of 2024, seafood exports reached 7.16 billion USD, up 8.5% over the same period last year.

Thus, after 4 years of being disrupted by the Covid-19 pandemic, war, inflation, ... the developments of the markets are gradually stabilizing, Vietnam's seafood exports in 2024 have returned to the usual trajectory of accelerating in the second half of the year.

PANGASIUS EXPORTS GROW IN MANY MARKETS

In the third quarter of 2024, pangasius exports reached 544 million USD, an increase of nearly 14% compared to the third quarter of 2023. In the first 9 months of 2024, pangasius exports reached 1.46 billion USD, an increase of 8% over the same period last year...

Regarding the pangasius export market, citing data from the General Department of Customs, VASEP said that from the beginning of the year to September 15, 2024, most markets recorded quite positive growth. Specifically, the United States reached 240 million USD, an increase of 23%; Brazil reached 81 million USD, an increase of 26%; Thailand reached 43 million USD, an increase of 9%.

"The highlight of pangasius exports in the first 9 months of 2024 is the processed pangasius group, although accounting for a modest proportion, the turnover increased dramatically by 42%; followed by frozen whole pangasius increasing by 24%, frozen fillet/cut pangasius increasing slightly by 4%".Vietnam Association of Seafood Exporters and Producers.

Notably, as of September 15, 2024, Mexico continued to lead the CPTPP market in terms of consumption of Vietnamese pangasius with 55 million USD, up 19% over the same period last year; followed by Canada with 28 million USD, up 13%.

Thus, after 5 years since coming into effect in January 2019, CPTPP has played an important role in promoting Vietnam's trade with markets in the Americas, especially member markets including Canada, Mexico, Chile, and Peru (in which Canada, Mexico and Peru are the markets that have FTA relations with Vietnam for the first time).

In addition, in the first weeks of September 2024, the price of raw pangasius continued to increase, showing signs of warming up. In week 37, the price of raw pangasius was VND26,400/kg, down from VND28,900/kg in week 33, but still relatively high compared to other times in the first 8 months of 2024.

As of week 37, the price of fish sized 800gr - 1000gr was VND27,100/kg; 1000gr - 1200gr was VND27,460/kg, the last time this type had such a high price was in week 10, which shows that the market is in short supply of larger fish; and fish over 1200gr is 27,565 VND/kg, almost the same price as weeks 30 and 31.

According to Ms. Le Hang, an expert from VASEP, with expectations of continued warming export prices, Vietnam's pangasius exports in the fourth quarter of 2024 will still achieve positive results, as markets are gradually preparing goods to serve consumer demand during the 2024 year-end festival.

Notably, value-added pangasius products will continue to break through and grow strongly in markets, especially China. Therefore, preparing goods to meet market demand will help businesses not waste potential, but also have the opportunity to expand market share for these products.

MANY POSITIVE SIGNALS IN THE LAST MONTHS OF THE YEAR

VASEP said that in the first 9 months of 2024, shrimp brought in the highest export turnover for the seafood industry, with nearly 2.8 billion USD, up 10.5% over the same period in 2023. In 2024, frozen shrimp exports were still affected by the price trend that had not clearly recovered, along with competitive selling price pressure with Ecuadorian and Indian shrimp.

However, Vietnam's processed shrimp still has a good position in the markets. Therefore, by the end of September 2024, processed white-leg shrimp exports still increased by nearly 10%, while frozen white-leg shrimp exports increased slightly by 4.5%. Accumulated in the first 9 months of 2024, white-leg shrimp exports reached nearly 2 billion USD, black tiger shrimp reached 334 million USD.

For tuna, in September 2024, exports decreased by nearly 6% year-on-year, making exports in the third quarter of 2024 only about 4% higher than the same period last year. Starting from August 2024, tuna exports stagnated and are showing signs of decline in the last months of the year, due to regulations on catching tuna with a minimum size of 0.5m, which prevented fishermen from exploiting and businesses from having raw materials for processing.

In the first 9 months of 2024, tuna exports reached 715 million USD, up 16% over the same period last year. Of which, frozen loin/fillet tuna accounted for 48% with 346 million USD, up 9.6%; canned tuna accounted for 30% with 214 million USD, up 16.6%. Most of the growth in tuna exports was the result of the first half of the year.

Regarding squid and octopus, the processed product segment also showed better export signals than frozen products. Accordingly, processed squid exports in the third quarter of 2024 increased by 22% and in the first 9 months increased by 13%. However, total squid and octopus exports in the first 3 quarters of the year reached 464 million USD, down slightly by 2.7% over the same period.

Crab exports have maintained high growth rates since the beginning of the year. In the third quarter of 2024 alone, exports of this product reached 227 million USD, up 56% and in the first 9 months increased by 66%, mainly due to the sharp increase in live crab exports to the Chinese market.

Exports of other fish species (mainly marine fish) had a slight growth in the third quarter (up 1.5%) reaching over 181 million USD. Cumulative exports in the first 9 months of 2024 reached 1.34 billion USD, down slightly by 3% compared to the same period last year. Of which, fillet products still accounted for the largest proportion with nearly 479 million USD, up slightly by 2.2% compared to the same period last year. Surimi fish cake exports continued to decrease by 3% in the third quarter and the cumulative exports in the first 9 months of the year decreased by nearly 11% compared to the same period, reaching 203 million USD.

Assessing the seafood export situation in the coming time, Ms. Le Hang said that there are positive signs. It is forecasted that in 2024, seafood exports will reach about 9.5 billion USD, an increase of 7% compared to 2023. Of which, shrimp exports are estimated to reach nearly 4 billion USD, pangasius will reach about 2 billion USD, tuna will reach approximately 1 billion USD, squid and octopus will reach about 640 million USD, the rest are marine fish and other seafood products.

"The demand of the markets is recovering, the export prices in the markets are and will continue to increase, which is the driving force for businesses to promote exports in the last months of the year and in 2025," Ms. Hang commented.

Source: VnEconomy