In June 2024, the country's seafood exports were estimated at 875 million USD, bringing the total for the first half of the year to over 4.4 billion USD, an increase of 14% and nearly 7%, respectively, compared to the same period in 2023.

Exported goods all show an increasing trend

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in June 2024 were estimated at 875 million USD, up 14% year-on-year. This was also the highest monthly export value since the beginning of the year.

Specifically, exports of most major items saw significant growth in June: pangasius increased by 22%, tuna by 40%, and crabs by 59%. Shrimp saw a modest increase of 7%. Squid and octopus were the only products to experience a slight decrease compared to the same period last year.

Additionally, cumulative seafood exports in the first half of this year brought in over 4.4 billion USD, an increase of nearly 7% year-on-year. According to VASEP, shrimp exports accounted for more than 1.6 billion USD, up 7% year-on-year. Of this, white-leg shrimp reached nearly 1.2 billion USD, up slightly by 3%; black tiger shrimp reached over 200 million USD, down 10%. Lobster exports saw a dramatic increase, 57 times higher than the same period last year, reaching over 130 million USD.

"First-half pangasius exports reached 922 million USD, up nearly 6% year-on-year. Despite improved demand, export prices to markets such as China, the EU, and the UK remained low. Only the US market showed more positive signals in terms of price and import volume," VASEP reported.

In parallel, tuna exports in the first half of the year increased nearly 25%, reaching 477 million USD, primarily due to a strong increase in canned and packaged tuna.

Besides tuna, many marine fish products saw strong demand and sales increases in the first half of this year. Notably, barramundi exports grew by 27% to over 36 million USD, yellow stripe scad by 14% to over 29 million USD, mackerel by 6%, pollock by 8%, and amberjack by 96%. Some freshwater fish also saw increased import demand, such as red tilapia by 32%, anabas by 18%, and eel by 93%.

However, squid and octopus exports recorded a slight decrease of 1%, down to 289 million USD, with squid exports falling while octopus exports still increased.

Market recovery

According to VASEP, seafood exports to the top two largest markets, the US and China-Hong Kong, recorded high growth in June. Specifically, exports to the US increased by 14%, and to China-Hong Kong by 18%. Additionally, in the first half of the year, seafood exports to the US reached 733 million USD, up 9%, and to China-Hong Kong increased by 7%, reaching 766 million USD.

"The US economy has shown positive signals this year. Inflation in the US has rapidly decreased from 9% to 3% this year, and the US is expected to cut interest rates in 2024 to stimulate consumer demand. Therefore, this will be a good opportunity for Vietnamese exporters," VASEP noted.

Exports to the EU market had the highest growth, with over 40% in June. Cumulative seafood exports to the EU in the first half of 2024 reached 513 million USD, up 12% year-on-year.

The EU market is gradually stabilizing. Market prices and consumption are stabilizing, and seafood inflation continues to decrease, reaching 2.1% in May. Since March, inflation for frozen seafood has even decreased more significantly, with a negative 0.9% inflation rate in May. It is forecasted that EU seafood demand and imports will increase again after the summer holidays in Europe.

For the Japanese market, exports in June increased slightly by 2% year-on-year. By the end of June 2024, seafood exports to Japan reached 705 million USD, down slightly by 1% compared to the first half of 2023.

According to VASEP, it is hoped that the export situation in 2024 will stabilize according to the usual cycle, accelerating in the third and fourth quarters. As such, export turnover will be about 15% higher than the same period in 2023, reaching over 5.5 billion USD, bringing the total export results for the whole of 2024 to nearly 10 billion USD, up 12% compared to 2023.

Baodautu.vn