However, looking at the monthly export sales, it seems that this market is showing signs of improvement. Vietnam's seafood exports to the US in May reached 151 million USD, the highest level since the beginning of 2023. Although still experiencing a negative growth of 39% compared to the same period last year, this is also the smallest decrease compared to previous months. Both shrimp and pangasius exports had a breakthrough compared to previous months: shrimp reached 68 million USD, and pangasius reached 33 million USD
According to the US Department of Agriculture, by the end of April 2023, the US had imported 924 thousand tons of seafood, valued at over US$8 billion, down 12% in volume and 20% in value over the same period last year. Among the leading exporting countries to this market, Vietnam experienced the most significant decline.
Particularly for shrimp, the US also decreased by 12% in import volume and 29% in value. In which, India alone holds the dominant market share of 35%, Ecuador accounts for 22% while Vietnam only accounts for 7%.
Pangasius fillets from Vietnam experienced the sharpest decline among frozen fish products imported into the US, while cod imports increased significantly by 37% in volume and 64% in value
Besides high inflation, a large inventory contributed to the decline in seafood exports from Vietnam to the US. US importers significantly increased purchases in the first half of 2022 due to stock sentiment and market forecast shortfalls from the previous year. However, high inflation weakened consumption demand, resulting in a high inventory. As a result, US importers require time to sell the existing inventory at lower prices, leading to increased competition and depressed prices for newly imported goods. This sharp drop in export turnover is also attributed to Vietnam.
As the inventory continues to decrease, it is expected that importers will start ordering from Vietnam again during the busy season at the end of the year.
Compiled by Thuy Linh
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai Nam said that in the past 5-6 years, Vietnam's seafood export value has only hovered around 8-10 billion USD/year. To reach the value of 16 billion USD by 2030, Mr. Nam proposed establishing corporations/enterprises to exploit the sea.
(seafood.vasep.com.vn) Vinh Hoan Seafood (stock code VHC) announced that its export turnover to three key markets— the U.S., EU, and China—grew between 32% and 40% in November 2024 compared to the same period in 2023.
(seafood.vasep.com.vn) Shrimp exports for the first 11 months of 2024 brought in nearly 3.6 billion USD, up 22% compared to the same period last year. Exports to major consumption markets all recorded double-digit growth.
(seafood.vasep.com.vn) In 2023, total pangasius imports into the European Union saw a significant decline compared to the previous year. Approximately 70,000 tons were imported, 3,000 tons less than in 2022, according to a report from FAO-Globefish.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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