Inflation is affecting the import demand, so exports to major markets slowed down in September. Exports to China & Hong Kong brought the highest sales with US$153 million, an increase of 97% over the same period in 2021, 1.4% lower compared to July 2022. Exports to the US decreased 11% year-on-year to $140 million, while exports to the EU and South Korea maintained an increase of 31% and 19% respectively.
In September, exports of main aquatic products all increased compared to the same period in 2021. In which, pangasius still maintained the highest growth rate, increasing by 97% to 161 million USD. Inflation reduces the demand for many aquatic products, but pangasius is still an advantageous commodity because of its affordable price. Shrimp exports in September reached nearly 350 million USD, up 13%, the lowest increase in the main products. The lack of raw shrimp while the demand in markets is slowing down because of price inflation caused shrimp exports to decrease compared to the previous month. Exports of seafood products such as tuna increased by 44%, squid and octopus by 40% and other marine fish by 55% in September 2022.
Pangasius is the outstanding seafood product with the export value of nearly $2 billion (by the end of September 2022)
By the end of September 2022, shrimp exports had brought in nearly $3.4 billion, up 23% over the same period in 2021. Pangasius also earned nearly $2 billion, an increase of 82% of seafood products. Marine products exports reached nearly $3.2 billion, up 33%.
In the first 9 months of the year, seafood exports to the EU exceeded 1 billion USD, up 41% over the same period. The US is still the market with the highest proportion with nearly 1.8 billion USD, up 22%. Exports to the CPTPP countries reached nearly 2.2 billion USD, up 41%. China is still the market with the highest growth rate of 76% reaching US$1.35 billion in the first 3 quarters of the year. Although China is still an unpredictable market, this is still the target market of Vietnamese seafood enterprises in the last months of the year because of large demand and geographical factors.
With the above export result, surely by the end of November, Vietnam's seafood could reach the 10 billion USD mark as expected by the whole industry as well as the target set by the Ministry of Agriculture.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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