Vietnam’s crab exports have been on a remarkable upward trajectory since early 2024, according to data from Vietnam Customs. In May 2024 alone, the export value surged by an impressive 62% compared to May 2023, hitting $22 million. Over the first five months of the year, the cumulative export value exceeded $97 million, reflecting a 76% increase.
China and Hong Kong continue to dominate as the largest importers of Vietnamese crabs and other crustaceans, representing 42% of the total export revenue. Exports to these markets have skyrocketed with triple-digit growth from the previous year, though the pace is beginning to ease. In May 2024, crab and crustacean exports to these destinations rose by a staggering 418% year-on-year, amounting to nearly $11 million. The cumulative figure for the first five months surpassed $41 million, marking a 502% increase.
Conversely, exports to Japan have faced a consistent decline over the past two months. In May 2024, the export value of crabs and other crustaceans to Japan dropped by 9% from the same period last year, totaling over $6 million. Nonetheless, due to gains in the first quarter, the total export value for the first five months still grew by 7%, reaching nearly $29 million.
Exports to the US and Canada are also seeing favorable growth, with increases of 32% and 54%, respectively.
However, the outlook for crab exports to the EU remains bleak. The export value to EU countries fell by 58% compared to last year. The European Commission’s persistent “yellow card” warning on Vietnam’s fishing industry continues to hamper seafood exports to this market.
VFM
