In the first five months of the year, China emerged as the largest market for live crabs from Vietnam, with imports increasing 11 times compared to the same period in 2023.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in May 2024, Vietnam achieved $870 million from exporting seafood, up 7% from the same period last year. The accumulated value over the first five months reached $3.6 billion, up 6.5% compared to the same period in 2023.
Crab exports surged by nearly 92% in May, valued over $26 million, leaving the cumulative value of the first five months of the year of $101 million, up 84%, primarily driven by a more than two-fold rise in crab products as compared to the same period last year. The two largest destinations, China and Japan, both increased their imports of Vietnamese crabs.
China is the largest market for Vietnamese live crabs, with import volumes rising 11 times compared to the same period in 2023. For the Japanese market, Vietnam mainly exports processed snow crab products: snow crab meat, shelled snow crab, snow crab claws, and a small portion of ground freshwater crab.
VASEP predicts that in the next few months, Vietnam’s seafood exports will continue to recover as demand from the US and Europe returns. Decreasing seafood inventories in many markets, coupled with controlled inflation, will trigger seafood consumption in many countries in the near future. With stable supply, Vietnam’s seafood exports are expected to continue growing, although seafood prices are likely to remain low.
VFM
