Seafood exports return to $1 billion/month mark after more than 2 years

VOV.VN - After more than 2 years, Vietnam's seafood exports have reached the milestone of 1 billion USD/month. This is a positive signal for export enterprises in the last months of this year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the country's seafood exports in October 2024 are estimated to reach more than 1 billion USD, an increase of 28% over the same period last year. This is the first time in more than 2 years (since June 2022) that seafood exports have returned to the 1 billion USD/month mark, which is a positive signal for export enterprises in the last months of the year. In the first 10 months of 2024, seafood exports brought in 8.27 billion USD, an increase of 11.4% over the same period in 2023.

Source: VASEP

VASEP said that in the context of strong increases in demand for seafood imports from key markets, Vietnam's exports recorded impressive growth in October. In particular, exports to China and Hong Kong exploded with an increase of 37%, affirming their position as the largest and fastest growing markets in the month. Other markets were equally vibrant: exports to the US increased by 31%, Japan increased by 22%, the EU increased by 27%, while South Korea increased more modestly by 13%.

By the end of October, the total value of seafood exports to China, Hong Kong and the US had reached US$1.5 billion. Notably, the strong growth trend from China and Hong Kong is likely to surpass the US in the last months of the year, if the 20% growth momentum of the past 10 months is maintained. If this growth rate continues, China and Hong Kong could become the largest import markets for Vietnamese seafood by the end of 2024.

Although the European economy is recovering more slowly than the US and China, positive signals from seafood consumption and import prices are gradually recovering, showing a bright outlook for Vietnamese businesses. By the end of October 2024, exports to the EU had increased by 11% over the same period last year. In contrast, exports to Japan and South Korea only achieved modest growth of 1.5% to 2%. Factors such as prolonged inflation have greatly affected consumer demand in these two markets. Japan, once one of Vietnam's two leading import markets, dropped to third place in 2024, with a turnover of 1.25 billion USD in the first 10 months of the year, while South Korea only reached 646 million USD. In that context, shrimp and pangasius are two products with greater growth potential in 2024. By the end of October 2024, shrimp exports had reached more than 3.2 billion USD, up 13%, while pangasius exports were nearly 1.7 billion USD, up 10%. In October alone, shrimp and pangasius exports had a strong breakthrough, with increases of 26% and 24% respectively, far exceeding tuna and octopus. Good news for the Vietnamese shrimp industry is that on October 22, 2024, the US Department of Commerce announced preliminary countervailing duties (CVD) on shrimp imported from Ecuador, India and Vietnam, in which the tax rate for Vietnamese shrimp is 2.84%, significantly lower than 4.36% for India and 7.55% for Ecuador. This is an important competitive advantage for Vietnamese shrimp in the US market.

VOV.vn

Source: https://vov.vn/kinh-te/xuat-khau-thuy-san-quay-lai-moc-1-ty-usdthang-sau-hon-2-nam-post1133216.vov