AsemconnectVietnam - For the first time in 27 months, monthly seafood exports have returned to 1 billion USD.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in October of 2024, Vietnam’s seafood exports were estimated to reach more than 1 billion USD, up by 28% over the same period last year. This was the first time in 27 months (since June of 2022) that monthly seafood exports have returned to 1 billion USD - a welcome milestone for Vietnamese seafood businesses.
Totally by the end of October of 2024, Vietnam’s seafood exports reached 8.27 billion USD, up by 11.4% over the same period of 2023.
Ms. Le Hang, Communications Director of VASEP, said that in the context of strong increases in demand for seafood imports from key markets, Vietnam's exports recorded impressive growth in October.
In particular, the exports to China and Hong Kong exploded with an increase of 37%, affirming their position as the largest market and with the fastest growth rate in the month.
Other markets were equally vibrant. For example, the exports to the US increased by 31%, to Japan increased by 22%, to the EU increased by 27%, while the exports to South Korea increased more modestly at 13%.
By the end of October, the total value of seafood exports to China, Hong Kong and the US had reached 1.5 billion USD. Notably, the strong growth trend from China and Hong Kong is likely to surpass the US in the last months of the year, if the 20% growth momentum of the past 10 months is maintained.
If this growth rate continues, China and Hong Kong could become the largest import markets for Vietnamese seafood by the end of 2024.
According to Ms. Le Hang, although the European economy is recovering more slowly than the US and China, the positive signals from seafood consumption and import prices are gradually recovering, showing a positive outlook for Vietnamese businesses. By the end of October of 2024, the country’s seafood exports to the EU had increased by 11% compared to the same period last year.
In contrast, the exports to Japan and South Korea only achieved modest growth of 1.5% to 2%. Factors such as prolonged inflation have greatly affected consumer demand in these two markets.
In the context of good growth in seafood exports, shrimp and pangasius are two products with greater growth potential in 2024.
By the end of October of 2024, shrimp exports had reached more than 3.2 billion USD, up by 13%, while pangasius exports were nearly 1.7 billion USD, up by 10%. In October alone, shrimp and pangasius exports had a strong breakthrough, with increases of 26% and 24% respectively, far exceeding tuna and octopus.
There was good news for the Vietnamese shrimp industry, on October 22, 2024, the US Department of Commerce announced preliminary countervailing duties (CVD) on shrimp imported from Ecuador, India and Vietnam.
In particular, the tax rate for Vietnamese shrimp is 2.84%, significantly lower than 4.36% for India and 7.55% for Ecuador. This is an important competitive advantage for Vietnamese shrimp in the US market. According to VASEP, although the shrimp and pangasius industries are in the peak import season, they are still facing a shortage of domestic raw materials. Enterprises need to be more flexible in using reserve raw materials and alternative sources of supply to make the most of market opportunities.
CK
Source: VITIC/ haiquanonline.com.vn