In July, exports of all key products showed strong growth. Specifically, shrimp exports increased by 11%, which is also the highest growth rate in the first 7 months of the year. Shrimp exports to China and the EU increased by 24% and 32%, while exports to the US increased by 9%, to Japan increased by 4%, and South Korea decreased by 21%.
As of the end of July 2024, cumulative shrimp exports reached nearly $2 billion, up 7% compared to the same period last year. White-leg shrimp sales reached $1.45 billion, up 4%, while black tiger shrimp reached $246 million, down 10%. Lobster exports alone increased by nearly 3 times, reaching $145 million.
Pangasius exports showed more positive signs with a 23% increase in July. Exports to all major markets grew in double digits, from 20-40%, except for the EU market which grew slightly by 5%. The cumulative pangasius exports in the first 7 months of 2024 reached nearly $1.09 billion, up 7.7% compared to the same period last year. China remains the number one target market for Vietnamese pangasius, with a value of $317 million, down 2.3% compared to last year. This market mainly consumes pangasius of large size > 1.2 kg/pc in the form of either whole fish or fillet products. In addition, this is also a potential market for the by-product which is pangasius swim bladders. In the first 7 months of this year, the country's pangasius maw exports reached approximately $50 million, of which $40 million was exported to the Chinese market, accounting for 80%.
After continuously growing in double digits, from 16 to 32%, tuna export growths in July have slowed down, with only a 9% increase m-o-m. In the first 7 months of the year, the cumulative tuna exports reached $555 million, up 21% compared to the same period last year. The two main tuna export products are canned/pouched tuna and frozen tuna loin/fillet (also the raw material for canned tuna production).
In addition to tuna, other seafood products like cephalopods and other marine fish are also experiencing a shortage of raw materials for export. Exports of other marine fish species (excluding tuna) have also decreased by more than 4% in the first 7 months of this year. Meanwhile, cephalopod exports are only on par with the same period in 2023, reaching around $351 million.
The top 4 main markets showing clear signs of a demand recovery in July are: China & Hong Kong up 30%, the US up 14%, Japan up 11%, and the EU up 14%. Cumulatively in the first 7 months of the year, seafood exports to the US and China-Hong Kong both increased by 10% and accounted for an equivalent share, making up nearly 18% of Vietnam's total seafood exports, reaching over $930 million. Exports to the EU also increased by 10%, reaching over $600 million. Only exports to South Korea saw a slight 1% increase, reaching $426 million.
Looking at the frozen product segment, the US and EU will be the two expected markets in the second half of the year, given positive signs like economic recovery, declining inflation, and lower interest rates that could boost demand in these markets. Meanwhile, frozen exports to China have not yet seen a breakthrough, with relatively low prices. In contrast, China is the number one destination for Vietnam's fresh and live seafood products, serving the restaurant, hotel, and tourism segments. Therefore, Vietnam's fresh and live products such as lobster, crab, clam, and snail will continue to attract Chinese customers in the coming time.
(seafood.vasep.com.vn) FIMEX VN's sales surged almost 36% year-on-year to USD 30.38 million in August 2024, driven by a 74% increase in finished shrimp production.
(seafood.vasep.com.vn) China and the US are the two largest whitefish import markets in the world. Vietnam is the second largest supplier for both markets (mainly supplying pangasius). Frozen pangasius fillets are still the main product imported from Vietnam by these two countries.
(seafood.vasep.com.vn) The “Bien Bach Dong Commune Shrimp-Rice Project” in Ca Mau province was granted the second BAP (Best Aquaculture Practices of the Global Aquaculture Alliance) certificate for shrimp products in the shrimp-rice specialized area in Thoi Binh district, Ca Mau province.
(seafood.vasep.com.vn)The red and yellow tilapia prices in An Giang have increased sharply, reaching a new record. Recently, traders in the provinces are purchasing red tilapia and tilapia at 50,000–51,000 VND/kg, the highest price ever. With this price, fish are exported to rafts, and farmers earn a 9,000–10,000 VND/kg profit.
(seafood.vasep.com.vn) In July 2024, Vietnam's tuna exports to the EU showed signs of decline compared to the same period, down 14%. In the first half of August, although Vietnam's tuna exports to the EU increased, exports of canned tuna continued to decrease sharply.
(seafood.vasep.com.vn) In July 2024, pangasius exports to the US continued to grow impressively. According to Vietnam Customs, there were nearly US$31 million pangasius exported to the US in July, up 69% over the same period last year. Cumulative pangasius exports to the US in the first 7 months reached more than US$190 million, up 20%.
(seafood.vasep.com.vn) According to the Department of Agriculture and Rural Development of Tra Vinh province, farmers in coastal areas of Cau Ngang, Tra Cu, Duyen Hai districts and Duyen Hai town have now cultivated over 1,800 hectares of whiteleg shrimp under a high-tech super-intensive model (high density), which is double the same period in 2023.
(seafood.vasep.com.vn) With the signs of recovery in pangasius exports, the increase in farming area and output, An Giang's fisheries sector has been actively supporting farmers and businesses to boost production, processing, and consumption in the last months of the year.
(seafood.vasep.com.vn) In July 2024, Vietnam's tuna exports continued to maintain growth momentum over the same period, increasing by 14% to nearly 87 million USD. However, the export growth rate is slowing down a lot compared to previous months. Cumulatively, in the first 7 months of the year, tuna export turnover reached 558 million USD, an increase of 22%.
(seafood.vasep.com.vn) With the goal of bringing exported seafood products to Vietnamese consumers, Vietfish 2024 organized by VASEP has, for the first time, focused on a dedicated area for showcasing seafood products for the domestic market. This event provides an opportunity for local consumers to access high-quality seafood products that meet international standards at reasonable prices, products that Vietnam is currently exporting to 170 countries.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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