AsemconnectVietnam - Seafood exports in 8 months brought in nearly 6.3 billion USD, with many advantages from the market, along with the dynamism of businesses, seafood exports are expected to increase compared to last year.

According to Ms. Le Hang, Communications Director of the Vietnam Association of Seafood Exporters and Producers, in August of 2024, seafood exports continued to recover with a growth rate of 20% reaching nearly 953 million USD. Totally in the first 8 months of 2024, seafood exports reached nearly 6.3 billion USD, an increase of nearly 9% over the same period last year.
Except for squid and octopus, whose export turnover decreased by 15% in August, the exports of all other key products had double-digit growth. Of which, shrimp exports increased by 30%, pangasius increased by 18%, tuna increased by 13% and other marine fish increased by 12%.
Shrimp exports by the end of August reached nearly 2.4 billion USD, up by 9% over the same period last year, of which white-leg shrimp reached about 1.75 billion USD, up by 8%, tiger shrimp exports were still 7% lower than the same period, reaching nearly 290 million USD. Lobster alone maintained good growth momentum in August, so the export turnover in the first 8 months of the year was 140% higher than the same period of 2023.
In addition to the challenges of anti-subsidy and anti-dumping taxes, shrimp exports are showing a positive trend, with stable growth in recent months.
In addition, the forecast of a decrease in global shrimp production in 2024 will also impact shrimp prices. Output from China, Ecuador and India is expected to decline this year, causing global output to fall by about 260,000 tonnes (equivalent to a 5% decrease) to 4.89 million tonnes. Shrimp consumption has begun to increase in Europe, and the US market has also recovered slightly, although import prices into China remain low, but these are also positive signs for the shrimp market.
Pangasius exports in the first 8 months of the year reached nearly 1.3 billion USD, up by 9% over the same period last year. While exports to China remain stagnant, the recovery of the US market was a lever for pangasius exports to grow. Exports to the US increased by 23% over the same period last year, while exports to China still decreased by 3%. The US continued to have demand for white-meat fish species under the bidding programs of the Ministry of Agriculture of this country.
Pangasius exports to the EU market were very positive. According to Vietnam Customs, in the first half of August of 2024, Vietnam's pangasius exports to the EU reached nearly 8 million USD, up by 57% over the same period last year.
On August 29, 2024, the US Department of Agriculture (USDA) announced that they will buy more seafood, this time Pacific cod, grouper fillets and catfish products. The department also announced that they paid 6.5 million USD for 1.5 million pounds of catfish. This will also be an opportunity for Vietnamese pangasius exporting enterprises.
Worrying about raw material shortage
Tuna exports as of the end of August reached 652 million USD, up by 21% over the same period of 2023. The general market trend is that there is still demand for tuna products from Vietnam. However, in the coming months, tuna exports will find it difficult to maintain the good growth momentum as from the beginning of the year until now due to a lack of raw materials.
Since Decree 37/2024/ND-CP took effect, with the minimum size for tuna still being 0.5m, businesses have been unable to purchase tuna according to that size regulation, so there are not enough domestic raw materials to produce canned tuna, as well as other products for export.
Squid and octopus exports have been most clearly affected by the IUU yellow card, the issue of certifying and certifying exploitation for this product has encountered many difficulties, causing businesses to not have raw materials to ensure sufficient export documents. Therefore, by the end of August, squid and octopus exports still decreased by 2% compared to the same period, reaching only 402 million USD.
In general, seafood exports to markets have tended to be more positive in terms of demand as well as a gradual recovery in prices. However, there are still some major challenges that will limit growth in the coming months such as IUU yellow card, anti-subsidy tax, anti-dumping tax, etc. Based on the above reality, VASEP forecasts that seafood exports by the end of 2024 will fluctuate at 9.4-9.5 billion USD, an increase of nearly 6% compared to 2023.
CK
Source: VITIC/ haiquanonline.com.vn