In terms of exported product structure, value added pangasius exports recorded a 30% growth in the first 7 months of 2024 with the export value of US$21 million. Exports of dried pangasius and other frozen pangasius products (whole round, steak, bladders, etc.) reached nearly US$200 million, up 22%. The export value of Vietnam's main pangasius product (frozen fillets) in this period are US$881 million, up 6% over the same period last year.
Regarding the consumption market, China & HK was still the largest consumer market of Vietnamese pangasius. Pangasius exported to this market in July 2024 reached US$55 million, up 23%. The value in the first 7 months are US$313 million, down 4% over the same period, mainly due to the decrease in February and March 2024.
This growth can be maintained in the second half of 2024 thanks to the recovery of demand, improvement of product quality, and good business strategies.
Meanwhile, pangasius exports to the US in July 2024 reached US$31 million, up 69%. Cumulative pangasius exports in the first 7 months are US$190 million, up 20% over the same period last year.
The CPTPP market was the 3rd largest destination for Vietnamese pangasius, with the exports in July 2024 reaching US$28 million, up 41%. Cumulative pangasius exports are US$155 million, up 15% over the same period in 2023. Mexico consumed Vietnamese pangasius the most in the block, with nearly US$10 million, up 94%.
In July 2024, pangasius exports to the EU reached US$14 million, up 7%. Cumulative pangasius exports in the first 7 months reached US$99 million, down 2% over the same period in 2023. In particular, although the Netherlands was still leading the block in consuming Vietnamese pangasius, the export value to this market in the first 7 months still witnessed a decrease of 4%, mainly due to the decline in February and May 2024.
The positive growth in July 2024 shows the efforts of processors in improving product quality, diversifying markets and adapting to fluctuations in the international market.
The world economy has many signs of recovery but the growth rate is slow. Food, energy and transportation costs remain high, causing global inflation to show signs of cooling down, but price pressure continues to increase, not reaching the target level that countries desire and potentially erupting again. Conflicts continue to escalate, causing instability to world security. The Russia-Ukraine conflict is in a fierce tug-of-war on the ground with no compromise or concession between the two sides. This makes transportation costs increase, bringing difficulties to Vietnam's seafood exports, including pangasius.
However, Pangasius export still maintains its growth in July 2024. In the last months of 2024, the number of pangasius orders from Vietnam will increase thanks to orders for year-end holidays.
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
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