Friday, April 19,2024 - 18:54 GMT+7  Việt Nam EngLish 

Vietnam's seafood exports increased in first quarter of 2024 

 Wednesday, April 3,2024

AsemconnectVietnam - According to the Ministry of Agriculture and Rural Development, in the first quarter of 2024, Vietnam's seafood exports reached a total of 1.86 billion USD.

Data from the Ministry of Agriculture and Rural Development are relatively consistent with data from the Vietnam Association of Seafood Exporters and Producers (VASEP). According to VASEP, by the end of the first quarter of 2024, seafood exports are estimated to reach nearly 2 billion USD, 8% higher than the same period last year.
The United States, Japan, China and Hong Kong (China) are the top 3 largest import markets for Vietnamese seafood in the first quarter of 2024. In particular, exports to the US market had a much stronger breakthrough, with a growth rate of 16% reaching 330 million USD; exports to Japan were equivalent to the same period; while exports to China and Hong Kong (China) increased by 15%.
According to VASEP, in the first quarter of 2024, the average export price of aquatic products generally increased compared to the end of 2023, but remained at a low level. VASEP expects that after the International Seafood Fairs in the US, EU, and Japan, orders for businesses will improve and export prices will gradually improve.
In 2024, the fisheries industry has set a target for aquaculture area to reach 1.3 million hectares. Total aquatic output is more than 9.27 million tons, of which fishing output is more than 3.5 million tons, aquaculture output is more than 5.6 million tons (up 5% compared to the estimate for 2023). Seafood export turnover is estimated at 9.5 billion USD.
Exports of seafood products in the first quarter of 2024
Vietnam exported more than 690 million USD worth of shrimp in the first quarter of 2024, a year-on-year increase of 15%. Meanwhile, the country’s exports of tra fish, tuna and crab and other crustacean reached nearly 424 million USD, 220 million USD and over 47 million USD from, increased by 0.4%, 22.2% and nearly 60%, respectively.
The country’s exports of shrimp to the US increased by 15%, while the exports of tuna, tra fish and crab increased significantly, from 13 to 53%.
Especially, the country’s exports of prawn and crab to China rose by 11 and seven-fold over the same time of 2023. China’s white-leg shrimp imports from Vietnam swelled two-fold as it tightened purchases from Ecuador.
Regarding the Chinese market, according to Ms. Kim Thu from the Vietnam Association of Seafood Exporters and Producers (VASEP), China has reduced imports from Ecuador - its largest shrimp supplier, and increased imports from Vietnam. In this market, Vietnam has to compete in price with rival suppliers, however, many buyers in China consider Vietnamese shrimp to be of higher quality than those of Ecuador and India, so they accept higher prices.
The exports of shrimp and crab to Japan recorded positive signs, posting growth of 20% and 23%, respectively. Vietnamese tra fish has been increasingly favoured in the Japanese market as the exports increased by 25%.
There was no clear recovery for shrimp and tra fish exports to the EU and the Republic of Korea (RoK). However, the country’s tuna exports to those markets escalated 27% and 15%, respectively.
Experts said as there are various barriers for the fisheries sector, including the European Union’s yellow card on illegal, unreported and unregulated (IUU) fishing, the US’s anti-subsidy duties, and tensions in the Red Sea and trade conflict. Vietnamese enterprises should stand ready to put up sails and navigate the headwinds.
It is necessary to seek new customers through international fisheries fairs and exhibitions in the US, Europe, Japan and the Republic of Korea for better recovery, they said.
Although Vietnam could have opportunities to bolster shrimp exports as shrimp lines from Ecuador and India were refused in several market due to antibiotic contamination, Vietnamese exporters should stay prudent and strictly comply with regulations from import markets as well as the domestic market to avoid barriers and protectionism.
VASEP Chairwoman Nguyen Thi Thu Sac said local enterprises should work to ensure safe supply chain and origin traceability so as to improve competitive edge and develop sustainably.
The association and its members expect better administrative reform and support from the Government and relevant ministries and sectors so that businesses could enhance their competitiveness, she said.
She suggested the fisheries business community and state agencies join hands to bolster exports to traditional markets and potential ones such as India, the Middle East and ASEAN.
For the US market, shrimp industry experts say that sales of fresh and frozen seafood in this market are forecast to stabilise in 2024, after facing many difficulties in 2023 due to inflation and people’s tightening spending. Compared to some of the US’s main shrimp suppliers, which are India, Ecuador, and China, Vietnam is considered more promising, especially when diplomatic relations between Vietnam and the US are developing well.
According to a representative of the VASEP, value-added processed shrimp products account for 40% - 45% of the total annual shrimp export value. The processing level of Vietnamese shrimp enterprises is at a high level in the world and this is a competitive advantage of Vietnamese shrimp in the Japanese market.
However, the sector is advised to keep up its efforts, because the competition from other countries remains fierce.
According to former VASEP Chairman Ho Quoc Luc, Vietnamese shrimp products have a good quality, but their prices are at a high level.
Therefore, farmers and exporters are recommended to seek measures to maintain quality and reduce production costs.
CK
Source: VITIC/congthuong.vn

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