Shrimp, pangasius and tuna are the three main product lines exported to the US, accounting for 53%, 17% and 15.6% of total seafood exports to this market, respectively.
In the first 9 months of the year, shrimp exports to the US increased 22% to 775 million USD. The US is currently Vietnam's largest shrimp export market, accounting for 28% of shrimp exports. In which, whiteleg shrimp reached USD 690 million, up 20%, black tiger shrimp reached USD 68 million, up 46%.
Pangasius exports to the US reached 248 million USD, up 43%, mainly frozen pangasius fillets/portion (HS code 0304) reached 243 million USD. The US is currently behind China in importing Vietnamese pangasius, accounting for 23% of export value.
For tuna, the US is also the largest market, accounting for 43.5% share, with 226 million USD in the first 9 months of this year, up 8% over the same period last year.
In addition to whiteleg shrimp, pangasius, tuna, Vietnam also sharply increased crab exports to the US in the past time, with $ 34 million in first 9 months, an increase of 68%.
The US market is recovering strongly in demand while the domestic seafood supply, which is already very low, usually only meets 10% of domestic consumption, has been reduced because of production interruption during Covid. Lack of raw materials, lack of labor, seafood prices in the US increased. Therefore, the demand for imported seafood is very large, especially shrimp and crab products...
According to Fas.usda data, in the first 8 months of this year, the US imported more than 2 million tons of seafood, worth over 18 billion USD, up 14% in volume and 30% in value, showing that the average import price increased sharply compared to the same period last year. . In which, shrimp imports increased 24% in volume and 26% in value, reaching 540 thousand tons, valued at $4.9 billion.
(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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