Vietnam’s surimi exports make a remarkable turnaround in the last quarter of 2024
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
In 2024, Vietnam’s surimi and fish cake products were exported to over 43 global markets. Among these, the largest importing countries were South Korea, Thailand, China & Hong Kong, Japan, the EU, Indonesia, Malaysia, and the United States, together accounting for 90% of total export value. Despite this, export values to most of these markets have declined year-on-year.
Government's new regulations to address the IUU (Illegal, Unreported, and Unregulated) fishing issue have posed challenges for fishermen and enterprises. The local port management and fisheries authorities have not fully implemented the current regulations, or have been applying them rigidly and abusively, requiring additional documentation not stipulated by law. This has led to delays in the issuance of certificates such as SC (Catch statement) and CC (Catch Certificate) needed for seafood exports, contributing to a backlog in processing. Moreover, businesses have faced difficulties due to a shortage of domestic raw materials and barriers to importing raw materials because of IUU-related regulations. These factors have been restraining the recovery of Vietnam's fish cake and surimi industry.
As of the end of 2024, exports to most major markets are still lower compared to the same period last year. Currently, only exports of surimi and fish cakes to Thailand, the EU, and Taiwan are showing positive growth.
