In July 2024, seafood exports from Vietnam are projected to surpass $885 million, reflecting a robust 14% increase from the same month in 2023. This growth rate is the highest observed in the past six months and represents the highest export value recorded since the beginning of the year. For the first seven months of 2024, total seafood exports have reached $5.28 billion, up by 7% compared to the previous year.
July saw an upswing in exports across all major seafood categories. Notably, shrimp exports rose by 11%, marking the highest increase in the first seven months. Exports to China and the EU grew by 24% and 32%, respectively, while exports to the US were up by 9%, Japan by 4%, and exports to South Korea declined by 21%.
As of the end of July 2024, cumulative shrimp exports have approached $2 billion, representing a 7% increase from last year. White-leg shrimp exports amounted to $1.45 billion, up 4%, while black tiger shrimp exports reached $246 million, down by 10%. Additionally, lobster exports have surged nearly threefold to $145 million.
Pangasius exports showed encouraging signs with a 23% rise in July. Exports to all major markets saw double-digit growth rates ranging from 20% to 40%, except for the EU, which experienced a modest 5% increase. For the first seven months of 2024, pangasius exports totaled almost $1.09 billion, up 7.7% from the previous year. China continues to be the primary market for Vietnamese pangasius, with a value of $317 million, a slight decline of 2.3% compared to last year.
After several months of double-digit growth rates ranging from 16% to 32%, tuna exports in July slowed to a 9% increase compared to the same period last year. For the first seven months of 2024, tuna exports reached $555 million, up 21% from last year. The main export products include canned and pouch tuna, as well as frozen tuna loin/fillet used in canned tuna production.
Source: VASEP
Squid, octopus, and other marine fish are facing challenges due to a shortage of raw materials and have not been approved for export to the EU. Exports of other marine fish (excluding tuna) declined by over 4% in the first seven months of this year. Meanwhile, squid and octopus exports remained steady compared to 2023, totaling around $351 million.
The top four markets showing signs of demand recovery in July were: China & Hong Kong (up 30%), the US (up 14%), Japan (up 11%), and the EU (up 14%). For the first seven months of the year, seafood exports to the US and China-Hong Kong both saw a 10% increase, accounting for nearly 18% of Vietnam’s total seafood exports, totaling over $930 million. Exports to the EU also grew by 10%, reaching over $600 million, while exports to South Korea saw a modest 1% increase, totaling $426 million.
Looking ahead to the second half of the year, the US and EU are anticipated to be key markets for frozen seafood, driven by positive economic signals such as recovery, lower inflation, and reduced interest rates, which may boost demand. In contrast, frozen seafood exports to China have yet to see significant breakthroughs due to relatively low prices. However, China remains a top destination for fresh and live seafood, serving the restaurant, hotel, and tourism sectors. Consequently, fresh products like lobsters, crabs, clams, and snails from Vietnam are expected to continue attracting Chinese customers.
VFM
