Export week from June 10 to June 16: Vietnam shrimp export expects growth momentum

In the first five months of the year, Vietnam's export turnover increased by $20.23 billion.

According to information recently released by the General Department of Customs, Vietnam's total export turnover in the second half of May 2024 (May 16-31) reached US$17.56 billion, an increase of 20.2% (equivalent to an increase of US$2.95 billion) compared to the first half of May 2024.

Export turnover in the second half of May 2024 showed an increase compared to the first half of May 2024 in several key product groups such as: telephones and components increased by US$710 million (corresponding to a 39.9% increase); machinery, equipment, tools and spare parts increased by US$558 million (corresponding to a 31.2% increase); computers, electronic products and components increased by US$327 million (corresponding to a 12.6% increase); iron and steel of all kinds increased by US$262 million (corresponding to a 98% increase)...

Vietnam's export turnover increased by $20.23 billion.

In addition, customs statistics also show a sharp decrease in the export value of some product groups in the second half of May 2024 compared to the previous period, such as:

Crude oil exports decreased by $37 million (a 33.1% decrease); chemical products decreased by $27.3 million (a 22.9% decrease); coffee exports decreased by $18.1 million (a 10.3% decrease)...

Thus, by the end of May, Vietnam's total export turnover reached 156.28 billion USD, an increase of 14.9% compared to the same period last year (equivalent to an increase of 20.23 billion USD).

Statistics from the General Department of Customs also show that the export turnover of goods by foreign direct investment (FDI) enterprises in the second half of May 2024 reached US$12.66 billion, an increase of 22% (equivalent to an increase of US$2.28 billion) compared to the first half of the month.

By the end of May, the cumulative export turnover of FDI enterprises reached US$111.93 billion, an increase of 13.1% (equivalent to an increase of US$12.95 billion) compared to the same period last year, accounting for 71.6% of the country's total export turnover.

Foreign direct investment (FDI) enterprises account for 67.6% of the country's total import and export turnover.

According to the latest statistics from the General Department of Customs, by the end of May 2024, the total import and export turnover of the whole country reached 303.94 billion USD, an increase of 16% (equivalent to an increase of 42 billion USD) compared to the same period in 2023.

Of this, the total import and export turnover of FDI enterprises reached US$205.44 billion, an increase of 13.7% (equivalent to an increase of US$24.82 billion) compared to the same period last year; the total import and export turnover of domestic enterprises was US$98.5 billion, an increase of 21.1% (equivalent to an increase of US$17.18 billion).

Thus, FDI enterprises accounted for 67.6% of the country's total import and export turnover in the past five months.

Regarding exports, in the second half of May (May 16-31), FDI enterprises' export turnover reached US$12.66 billion, an increase of 22% (equivalent to an increase of US$2.28 billion) compared to the first half of May 2024. This brought the total export turnover of FDI enterprises for the first five months to US$111.93 billion, an increase of 13.1% (equivalent to an increase of US$12.95 billion) compared to the same period last year, accounting for 71.6% of the country's total export turnover.

FDI enterprises hold a significant advantage in Vietnam's key export product groups such as: computers, electronic products and components; telephones and components; machinery and equipment, etc.

Conversely, imports of goods by FDI enterprises in the second half of May totaled $9.68 billion, a decrease of 10.1% (equivalent to a decrease of $1.09 billion) compared to the first half of May 2024.

Overall, in the first five months, the total import turnover of FDI enterprises reached US$93.51 billion, an increase of 14.5% (equivalent to an increase of US$11.87 billion) compared to the same period last year, accounting for 63.4% of the country's total import turnover. Over the past five months, the trade balance of FDI enterprises achieved a surplus of US$18.42 billion.

Vietnam's shrimp exports are expected to continue growing.

According to VASEP, from the beginning of the year to May 15, 2024, Vietnam's shrimp export turnover reached 1.1 billion USD, an increase of 8.3% compared to the same period last year.

As of May 15, 2024, Vietnam's shrimp exports to the EU reached US$134 million, a 1.2% increase compared to the same period last year. Although the cumulative figure from the beginning of the year only increased slightly, shrimp exports to this market have shown a positive upward trend in recent months.

Vietnam's shrimp export value increased by 8.3%.

As of May 15th, shrimp exports to Japan totaled $161 million, a slight decrease of 3% compared to the same period last year. While the cumulative export value from the beginning of the year has decreased slightly, there have been signs of an increase since April.

Orders from the EU and Japan are expected to increase in the second quarter of this year. The EU market, in particular, shows signs of increased demand, especially for certified shrimp products. Demand from Japan is also quite positive, however, orders are slower due to the depreciation of the yen and the Golden Week holiday (a long and important holiday in the country).

As of May 15, 2024, Vietnam's shrimp exports to China and Hong Kong (China) reached US$223 million, a 31% increase compared to the same period last year. Although the cumulative figure increased, exports to this market have shown signs of decline in recent months.

The fisheries sector aims for exports exceeding $10 billion.

According to statistics from the Vietnam Association of Seafood Processing and Export (VASEP), in the first five months of the year, the country's seafood exports reached nearly US$3.6 billion, an increase of 6% compared to the same period in 2023. Among the main products, squid, octopus, and other types of fish (marine and freshwater fish) had lower export values ​​compared to the same period last year, with decreases of 1% and 3% respectively.

The fisheries sector aims for exports exceeding $10 billion.

Meanwhile, exports of shrimp and pangasius increased slightly, by 7% and 4% respectively. Crab and lobster exports saw the strongest growth (up 84%), tuna also increased significantly (22%), and shellfish exports rose by 13%.

Among the top 5 markets for Vietnamese seafood, the US showed the most positive growth, increasing by 7% in the first four months of the year. Exports to South Korea increased slightly by 2%. Meanwhile, exports to China, Japan, and the EU remained almost the same as the same period last year.

VASEP assesses that, despite many difficulties, the 6% growth in seafood exports during the first five months of the year is an encouraging result on the path to recovery and development of the industry.

VASEP forecasts that seafood exports in the first half of 2024 will reach US$4.4 billion, a 6% increase compared to the same period in 2023. Of this, shrimp exports are projected at US$1.65 billion; pangasius at US$910 million; tuna at US$457 million; squid and octopus at US$294 million; crab and lobster at US$119 million; and shellfish at nearly US$74 million.

Source: https://congthuong.vn/xuat-khau-tuan-tu-106-166-xuat-khau-tom-viet-nam-ky-vong-da-tang-truong-326465.html