Fishermen of Phu Yen province transport fish to shore. Photo: Xuan Trieu - VNA

BNEWS According to the Association of Seafood Exporters and Producers (Vasep), in June 2024, the country's seafood exports are estimated to reach 875 million USD, up 14% over the same period.

Cumulatively in the first 6 months of 2024, seafood exports earned over 4.4 billion USD, an increase of nearly 7% over the same period in 2023.

Specifically, in June 2024, seafood export turnover reached the highest level since the beginning of the year when most key export products had high growth; Of which, pangasius exports increased by 22%, tuna increased by 40%, crab increased by 59%; Shrimp products alone increased slightly by 7%. However, squid and octopus exports recorded a slight decrease compared to the same period last year.

In the first half of this year, shrimp exports of all kinds brought in more than 1.6 billion USD, an increase of more than 7% over the same period; Of which, white leg shrimp reached nearly 1.2 billion USD, a slight increase of 3%; Black tiger shrimp reached over 200 million USD, down 10%. In particular, lobster exports increased 57 times over the same period, reaching more than 130 million USD.

Pangasius exports in the first 6 months of this year reached 922 million USD, up nearly 6% over the same period. Although demand has improved, the price of pangasius exported to markets such as China, the EU, and the UK is still low. Particularly, the US market has more positive signals in terms of both price and output of imported pangasius from Vietnam.

Compared to shrimp and pangasius, tuna exports in the first half of the year recorded more outstanding growth, up nearly 25% with a turnover of 477 million USD. Tuna exports to most markets increased compared to the same period in 2023, mainly thanks to the strong increase in the canned and bagged tuna segment.

Accordingly, the two largest markets, the US and the EU, grew by 30% and 37% respectively; The US currently accounts for 37% and the EU accounts for 22% of Vietnam's total tuna export value. The EU region alone witnessed a galloping increase in the Italian market, with an increase of up to 224% in some months. While in 2023, Vietnam can only export frozen tuna meat to Italy, this year fresh, frozen and dried tuna products account for 64% of total export turnover to this market.

According to analysis by Ms. Nguyen Ha, a tuna market expert, from 2021 onwards, Vietnam's canned tuna exports are on an increasing trend. The export turnover of this product has increased by 51% from 169 million USD in 2021 to 255 million USD in 2023.

Entering 2024, Vietnam's canned tuna exports tend to increase faster month by month. After facing record high inflation and interest rates, consumers in many places tend to tighten their spending. Therefore, the demand for cheap products such as canned tuna increases.

In addition, taking advantage of preferential tariffs from the Vietnam - EU Free Trade Agreement (EVFTA) also promotes the export of Vietnamese canned tuna to the EU. Currently, Vietnamese canned tuna products have reached more than 65 different markets; Of which, the US, EU and Israel are the three largest import markets. Exports to these markets in the first half of 2024 all grew highly, up 88%, 35% and 141% respectively over the same period.

In addition to tuna, many other marine fish products also have strong demand and sales in the first half of this year; Of which, seabass had an export growth of 27% reaching over 36 million USD, yellow snapper increased by 14% to reach over 29 million USD, mackerel increased by 6%, pollock increased by 8% to reach 38 million USD, amberjack increased 96%.

In terms of markets, the EU is the region with sudden export growth in June with an increase of 40%. Cumulatively in the first half of 2024, seafood exports to the EU reached 513 million USD, up 12% over the same period last year. It is forecasted that EU consumption demand and seafood imports will increase after the summer vacation in Europe. Vietnam's two largest seafood export markets, the US and China, recorded high growth in June 2024; Of which, exports to the US increased by 14%, and to China increased by 18%.

According to experts, the US economy is showing optimistic signs, inflation has decreased from 9% to 3%, so there will be good opportunities for increasing seafood consumption. Cumulatively in the first half of the year, seafood exports to the US reached 733 million USD, an increase of 9%. Meanwhile, seafood exports to China in the first half of the year only increased by 7%, reaching 766 million USD.

For the Japanese market, by the end of June 2024, seafood exports to this market reached 705 million USD; a slight decrease of 1% over the same period in 2023. The Japanese Yen depreciated by 12% compared to the USD and is the currency that has lost the most value among strong foreign currencies, a factor causing the country's imports to decrease. In addition, the disadvantages caused by China banning the import of Japanese seafood also contributed to the slowdown of Japanese imports.

Businesses believe that Vietnam's seafood export market will be more stable and accelerate in the third and fourth quarters thanks to consumer demand during the holiday season. Meanwhile, Vasep also forecasts that seafood export growth in the second half of 2024 will be about 15% higher than the same period, reaching over 5.5 billion USD; Seafood exports for the whole year 2024 will reach 10 billion USD.

Source: Bnews