Exported value-added pangasius to the US keeps rising. In July 2024, the export value of this product reached US$1.3 million, an increase of 42 thousand times compared to the same period in 2023, accounting for 33% of the total value-added pangasius exported by Vietnam to markets in July 2024.In June, the export was more than US$800 thousand, an increase of 7 times compared to the same period.
By the end of July 2024, the export of value-added pangasius to the US reached about US$3 million, an increase of 14 times compared to the same period last year. This figure accounts for 14% of the total value of value-added pangasius exported by Vietnam to markets in the first 7 months of 2024. Exports of dried pangasius and other frozen products (whole round, steak, bladder, etc.) to the US in the first 7 months of this year were unstable when the previous month, the value recorded growth, but decreased immediately in the following month. However, in July 2024, exports of dried pangasius and other frozen products to the US doubled, reaching US$490 thousand. In February, April, and June 2024, the export value of this product all decreased by double digits.
Frozen pangasius fillets are still the main product exported to the US, reaching US$29 million, an increase of 61% over the same period in 2023. By the end of July 2024, the export value of frozen pangasius fillets to the US was US$185 million, an increase of 19%. According to ITC, in the first half of this year, Vietnam is still the second largest supplier of whitefish (mainly pangasius) to the US with US$184 million, an increase of 472%, accounting for 21% of the total value of whitefish imported from the world. May 2024 had the highest import of whitefish from Vietnam to the US since the beginning of this year, with US$43 million, an increase of 22% over May 2023; In June 2024, the US bought nearly US$42 million, an increase of 22% over the same period in 2023. China is still the largest supplier of whitefish to the US, accounting for 41% of the total whitefish imported by the US, with a value of US$357 million. Pangasius exports to the US have shown a recovery trend, as inventories of this market in 2023 have decreased significantly. Festivals and year-end holidays have also raised consumer demand. In December, pangasius exports to the US are expected to grow. However, exporters still have to face the impacts of the Russia-Ukraine war, or increasingly tense conflicts that have not yet ended in the Red Sea.
(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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