AsemconnectVietnam - Seafood exports were worth nearly US$2 billion in the first quarter, 8 percent up year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The US, Japan and China - Hong Kong were the three largest importers. Exports to the US increased by 16 percent to $330 million, with shrimp, tuna, tra fish, and crab exports rising by 13-53 percent.VASEP said tra fish prices in the US recovered after bottoming at the end of last year, and white-legged shrimp export prices also went up slightly though still low compared to average prices in the last five years. The US Department of Commerce (DOC) recently announced the final findings of the 19th anti-dumping duty administrative review of Vietnam’s frozen tra fish fillets exported to the US between August 1, 2021 and July 31, 2022, and the anti-dumping tax rate for five Vietnamese companies was $0.18 per kilogram.
The exports of Vietnam’s aquatic product posted positive growth in the first quarter of this year, bringing hope for the entire seafood industry, including processed tuna products.
Tuna exports increased by 53% in the first quarter
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), canned tuna exports in the reviewed period surged 53% year-on-year, bagging over 196 million USD, a year-on-year increase of 21%. Nguyen Ha, VASEP's tuna market expert, said that this year, Vietnamese tuna exporters have expanded export markets right from the beginning of the year. In the first quarter of this year, tuna products were shipped to more than 80 markets, compared to 70 markets in the same period last year.
Tuna exports to the US and the EU declined, but the remaining markets saw high growth. Especially, in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) markets, tuna exports continued to grow. Notably, the shipments to Canada and Chile rose 146% and 116%, respectively.
Statistics from the International Trade Centre (ITC) showed that Vietnam is the third largest tuna supplier for Canada in 2023, after Thailand and Italy.
Last year, Canada's tuna imports from major suppliers decreased substantially due to the fact that in recent years, Canadian consumers have reduced their consumption of aquatic products, including tuna. They tend to switch to protein sources with lower prices. However, it is expected that Vietnam's tuna exports to Canada will recover because the North American country's aquatic product consumption demand is forecast to increase in the next five years, according to the VASEP representative.
In Europe, Portugal is the sixth biggest importer of Vietnamese tuna among the EU countries with its import turnover reaching more than 220,000 USD in the first quarter of this year, twice as much as the same period last year. Although the figure is still modest, it signals a bright future for the export of Vietnamese tuna to this market.
Pangasius exports to Germany are unstable in 2024
According to data from Vietnam Customs, in January 2024, Vietnamese pangasius exports to Germany decreased by 30% compared to last year and reached only nearly 2 million USD.
Germany ranked 3rd in importing Vietnamese pangasius in the EU. In January 2024, Vietnamese pangasius exports to the EU market reached 13 million USD, up 20% over the same period last year, accounting for 7.8% of the total exports to markets. In particular, the Netherlands continues to be the market that consumes the most pangasius in the EU, with 4 million USD, an increase of 16% over the same period in 2023. Behind the Netherlands, Spain, Germany, Belgium, and Poland are the main markets for importing a lot of Vietnamese pangasius in the EU.
Notably, pangasius exported to some single markets in the bloc recorded 3-digit growth, including Hungary, which increased 4 times; Slovenia, Spain, and France increased about 2.5 times; and Italy increased 2 times compared to January 2023.
Also, according to Vietnam Customs data, in the first half of February this year, Germany only bought less than 700,000 USD of pangasius from Vietnam, down 60% compared to the same period in 2023. As of February 15, 2024, cumulative pangasius exports to Germany reached about 2.5 million USD, down 42% over the same period last year.
Sao Ta Foods (FMC): Revenue in the first quarter of 2024 increased by 14%
Sao Ta Food Joint Stock Company (FIMEX VN) has just announced that in March 2024, finished shrimp output reached 2,000 tons and finished shrimp consumption reached 1,693 tons, an increase of 74%, and 42% over the same period in 2023, respectively.
Meanwhile, finished agricultural product output reached 112 tons, and consumption reached 59 tons, down 53% and 57%, respectively, over the same period last year.
Accordingly, Sao Ta Foods recorded a total consolidated revenue of 19.17 million USD in March 2023, an increase of 32% over the same period in 2023. Thus, the total revenue of this enterprise in the first quarter of 2024 was estimated to reach 49.67 million USD (equivalent to 1,227 billion VND), an increase of 14% compared to the first quarter of 2023.
Notably, the company leadership said that they has harvested shrimp from shrimp farms stocked in the off-season since the end of November 2023, with quite positive farming results.
T.Huong
Source: Vitic