In the first five months of 2024, seafood exports reached 3.6 billion USD, an increase of 6.5% compared to the same period in 2023. Major markets have shown signs of recovery in demand and prices.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in May 2024, the country's seafood exports were estimated at 870 million USD, an increase of over 7% compared to the same period last year.

The Ministry of Agriculture and Rural Development stated that with optimistic signals in the early months of the year and thorough preparation by businesses, the seafood industry is expected to see significant improvements in consumption, with export expectations around 10 billion USD.

In May 2024, tuna exports increased by 36%, reaching over 95 million USD. Among these, canned tuna products increased by 18%, bagged tuna products saw a breakthrough increase of more than 3.5 times, frozen loin/fillet tuna increased by 25%, and whole frozen tuna increased nearly sevenfold compared to May 2023. By the end of May 2024, cumulative tuna exports reached nearly 397 million USD, an increase of 25% compared to the same period in 2023.

Crab exports in May increased by nearly 92%, reaching over 26 million USD. Cumulatively, in the first five months of the year, crab exports reached 101 million USD, an increase of 84%, mainly due to crab products more than doubling compared to the same period. The two largest markets, China and Japan, both increased their imports of Vietnamese crab.

Tuna exports increased by 36%, reaching over 95 million USD, and the seafood industry reached 3.6 billion USD in five months.

China was the largest market for live crabs from Vietnam, with an import increase of 11 times compared to the same period in 2023. For the Japanese market, Vietnam mainly exported processed snow crab products: snow crab meat, shelled snow crab, snow crab claws, and a small portion of ground field crabs.

Pangasius exports increased by 10%, and exports of squid, octopus, and other fish species all increased slightly by 3% in May. Cumulatively, in the first five months of the year, pangasius exports brought in nearly 755 million USD, a slight increase of 3% compared to the same period last year. Meanwhile, marine fish exports decreased by 3% to 742 million USD, and squid and octopus exports reached 236 million USD, a decrease of nearly 2% compared to the same period last year.

In May 2024, shrimp exports alone decreased by 1.5%, reaching 326 million USD. However, cumulatively, in the first five months of the year, they still maintained positive growth of 7%, reaching 1.3 billion USD.

According to VASEP, although there hasn't been a significant breakthrough, major markets have generally shown gradual recovery signals in both demand and import prices. Accordingly, seafood exports to the US, Japan, the EU, and South Korea all saw positive growth in May, with increases ranging from 5% to 26%, while exports to China decreased by 8% compared to the same period.

Seafood exports at the beginning of 2024 have shown more optimistic signals in terms of export turnover. Businesses expect that after international seafood fairs in the US, EU, and Japan, orders will improve, and export prices will gradually increase.

VASEP