Vietnam’s seafood exports in first nine months exceed $7 billion, shrimp and pangasius lead growth

This strong performance, driven by key products like shrimp and pangasius, has set the stage for continued growth in the final quarter of the year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in September 2024 reached $866 million, up 6.4% compared to September 2023. The cumulative nine-month export total of $7.16 billion marks a return to form after several years of disruption caused by the COVID-19 pandemic, inflation, and geopolitical instability. With markets stabilizing, Vietnam’s seafood exports have resumed their usual growth trajectory, particularly in the latter half of the year.

Pangasius exports surge in multiple markets

Pangasius exports have been a standout, with third-quarter exports totaling $544 million, a nearly 14% increase compared to the same period in 2023. By the end of September 2024, cumulative pangasius exports reached $1.46 billion, up 8% year-on-year.

VASEP data, based on figures from the General Department of Customs, shows that most markets have recorded positive growth. The U.S. market, for instance, reached $240 million, an impressive 23% increase, while Brazil and Thailand also posted strong growth, with $81 million (up 26%) and $43 million (up 9%) respectively.

Notably, Mexico continues to lead among CPTPP markets, with pangasius imports totaling $55 million by mid-September, marking a 19% increase compared to last year. Canada followed with $28 million, a 13% rise.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which took effect in January 2019, has played a crucial role in boosting trade between Vietnam and key markets in the Americas. Notably, CPTPP member countries like Canada, Mexico, Chile, and Peru, which previously had no Free Trade Agreements (FTA) with Vietnam, have emerged as important partners.

In September 2024, the price of raw pangasius continued to rise, reflecting strong market demand. Although prices have fluctuated, they remained relatively high compared to earlier in the year. For example, in week 37, the price of pangasius sized 800g to 1000g was 27,100 VND/kg, while larger fish (1200g+) fetched 27,565 VND/kg.

Le Hang, a VASEP expert, expressed optimism about the outlook for the fourth quarter, as many markets are preparing for year-end consumer demand. High-value-added pangasius products are expected to see strong growth, particularly in China. By ensuring sufficient supply, businesses have the opportunity not only to capitalize on market potential but also to expand their market share for these products.

Positive signs for the final quarter of 2024

Shrimp remains Vietnam’s top seafood export, bringing in nearly $2.8 billion in the first nine months of 2024, up 10.5% year-on-year. While frozen shrimp exports continue to face challenges due to price competition with Ecuador and India, processed shrimp products maintain a strong position in global markets. By the end of September, exports of processed whiteleg shrimp rose by nearly 10%, while frozen whiteleg shrimp exports increased by 4.5%. Cumulative whiteleg shrimp exports reached nearly $2 billion, and black tiger shrimp exports totaled $334 million.

However, tuna exports experienced a decline in September 2024, down nearly 6% compared to the same period in 2023. This has contributed to a slowdown in tuna exports in the third quarter, which only saw a modest 4% year-on-year growth. Stricter regulations on catching tuna with a minimum size of 0.5 meters have limited fishermen’s catch, impacting the supply of raw materials for processing.

Despite this, Vietnam’s tuna exports still achieved $715 million in the first nine months, a 16% increase year-on-year. Frozen tuna loins/fillets accounted for 48% of this total, generating $346 million, while canned tuna made up 30%, with $214 million in export revenue.

Squid and octopus exports have also seen mixed results. While processed squid products experienced a 22% increase in exports during the third quarter and a 13% rise over the nine months, total squid and octopus exports fell slightly by 2.7% year-on-year, reaching $464 million.

Crab exports, however, have been a bright spot, with third-quarter exports surging by 56% to $227 million. Cumulatively, crab exports grew by 66%, thanks largely to increased demand from China for live crabs.

Marine fish exports showed slight growth in the third quarter, up 1.5% to $181 million. Cumulative marine fish exports for the first nine months of 2024 reached $1.34 billion, a slight 3% decrease compared to the same period last year. Fillets remained the dominant product, generating nearly $479 million in export revenue.

Looking ahead to 2025

Le Hang from VASEP shared a positive outlook for the remainder of 2024. It is projected that Vietnam’s total seafood exports will reach around $9.5 billion by year-end, a 7% increase compared to 2023. Shrimp exports are forecast to reach nearly $4 billion, pangasius exports are expected to hit $2 billion, tuna exports will approach $1 billion, and squid and octopus exports will total around $640 million.

“The recovery in market demand, combined with rising export prices, is providing momentum for businesses to accelerate exports in the final months of 2024 and into 2025,” Le Hang concluded.

VFM