Seafood exports earned over 4.4 billion USD
According to Vietnam Association of Seafood Exporters and Producers (VASEP), in June 2024, Vietnam's seafood export were estimated at 875 million USD, up 14% over the same period last year. This is also the month with the highest export turnover since the beginning of this year. Accordingly, cumulative seafood export in the first half of this year brought in over 4.4 billion USD, up nearly 7% over the same period in 2023.
Exports of most key products had high growth in June, of which, pangasius export increased by 22%, tuna increased by 40%, crab increased by 59%. In particular, shrimp export increased slightly by 7%. Squid and octopus were the only products that decreased slightly compared to the same period last year.
In the first half of this year, shrimp exports brought in over 1.6 billion USD, 7% higher than the same period last year. Of which, white-leg shrimp reached nearly 1.2 billion USD, up slightly by 3%, tiger shrimp reached over 200 million USD, down 10%. In particular, lobster exports increased sharply by 57 foldtimes compared to the same period, reaching over 130 million USD.
Pangasius exports in the first half of this year reached 922 million USD, up nearly 6% over the same period. Despite improvement in demand, export prices to markets such as China, EU, the UK decreased. Only the US market showed more positive signs in terms of both import prices and volume.
Tuna export in the first half of this year increased by nearly 25% to 477 million USD, mainly due to strong increase in canned and bagged fish segments. Meanwhile, squid and octopus export decreased slightly by 1% to 289 million USD, of which squid products decreased, while octopus exports still increased.
In addition to tuna, there are many other marine fish products with strong demand and sales growth in the first half of this year. Of which, sea bass had an export growth of 27% to over 36 million USD, yellowstripe scad increased by 14% to over 29 million USD, mackerel increased by 6%, pollock increased by 8% to 38 million USD and orange croaker increased by 96%. Some freshwater fish species with increased import demand include: tilapia increased by 32%, perch increased by 18%, eel increased by 93%.
EU market recorded the highest export growth of 40%
Seafood exports to the Top 2 largest markets, the US and China - Hong Kong (China), both recorded high growth in June, specifically, seafood exports to the US increased by 14%, to Hong Kong (China) market increased by 18%.
The US economy this year has shown positive signs. Inflation in the US has decreased rapidly from 9% to 3% this year, the US will soon have a move to cut interest rates this year to stimulate consumption, so there will be good opportunities for exporters. In the first half of the year, seafood exports to the US market reached 733 million USD, up 9%. Meanwhile, exports to China - Hong Kong (China) in the first half of the year increased by 7% to 766 million USD.
Exports to Japan in June increased slightly by only 2% over the same period. By the end of June 2024, seafood exports to Japan reached 705 million USD, down slightly by 1% compared to the first half of 2023. Japanese Yen depreciated by 12% against the USD and was the currency that depreciated the most among strong currencies, which was a factor causing the country's imports to decrease. In addition, disadvantages caused by China's ban on importing Japanese seafood also contributed to slowdown in Japan's imports.
In particular, exports to EU market had the highest growth rate (+40%) in June. In the first half of 2024, seafood exports to EU reached 513 million USD, up 12% over the same period last year. EU market is gradually stabilizing. Market and consumer prices are stable, while seafood inflation continued to decline to 2.1% in May. Since March, inflation has fallen even more significantly for frozen seafood, with an inflation rate of -0.9% in May. EU seafood demand and imports are forecast to increase again after the summer holidays in Europe.
VASEP expects that this year's export situation will stabilize in line with normal cycle, accelerating in the third and fourth quarters, accordingly, export turnover will be about 15% higher than the same period in 2023, reaching over 5.5 billion USD, bringing export result for the whole year of 2024 to nearly 10 billion USD, up 12% compared to 2023.
China increases imports, lobster exports increase sharply
Particularly for lobster, China is currently the largest import market for this product from Vietnam, accounting for 98 - 99%. According to experts, China's massive purchase of Vietnamese lobsters has caused exports of this item in the first half of 2024 to increase 57 times compared to the same period last year.
Previously, in October 2023, China stopped importing Vietnamese lobsters due to regulations related to the country's Wildlife Protection Law. To export lobsters to China, businesses must prove that shrimp seeds are not caught directly from the sea, demonstrate a clear farming process and do not use seeds exploited from nature, meaning the seeds must be of the F2 generation; the importing unit must have a license... On January 20, 2024, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam led a working delegation of the Ministry to work with the People's Government of Guangdong Province (China) on trade cooperation and agricultural development. In related working contents, two sides also agreed to coordinate in handling difficulties in import and export of sturgeon and lobsters according to a special mechanism and will include it in the Protocol between the two countries. While waiting for signing of the Protocol, China will consider and create a special mechanism for establishments to register to export lobsters to this country.
In Vietnam, many localities are currently strong in lobster farming, with an estimated output of about 4,000 tonnes/year. In particular, spiny lobsters have high economic value, generating revenue of about 2,000 billion VND.
In Chinese market alone, Vietnam currently has 46 packaging establishments that are allowed to export lobsters to this market. Currently, lobster export to China are showing favorable trends but in the long term, it is necessary to move towards official exports. To do so, it is necessary to build linkage chains from production, purchasing to export, associated with transparent traceability of origin.

Source: Vitic/ congthuong.vn