MEKSEA.COM – 2024 has witnessed robust growth in Vietnam’s seafood export sector, approaching the significant milestone of USD 10 billion—a key achievement in the industry’s export journey. After reaching a peak of USD 1 billion in October, November exports saw a slight slowdown but still maintained impressive growth, reaching USD 924 million, up 17% compared to November 2023. By the end of November, Vietnam’s total seafood export turnover had reached nearly USD 9.2 billion, marking an 11.5% increase year-on-year.

Vietnam’s shrimp exports maintain a remarkable upward trajectory

Shrimp exports continued their remarkable upward trajectory, achieving a 22% increase in November and are projected to hit USD 4 billion by year-end. Other products, such as pangasius and tuna, also experienced positive growth. Pangasius exports amounted to USD 1.84 billion in the first 11 months and are expected to reach USD 2 billion by the end of 2024. Tuna, despite slower growth, still recorded an 8% increase compared to November 2023 and is likely to match the USD 1 billion record set in 2022. Additionally, products like crab, shellfish, and squid also saw significant growth, with shellfish experiencing an impressive 180% surge.

Pricing and Raw Material Trends of Shrimp Export

Export shrimp prices, especially for vannamei shrimp, have shown an upward trend, improving profit margins for businesses. Shrimp raw material prices are also at favorable levels, supporting production and exports.
Processed shrimp is experiencing strong growth, a positive signal indicating that businesses are shifting toward value-added products.

In 2023, global economic and geopolitical instability, high inflation, and tightened consumer spending led to a drop in shrimp import demand from major markets. Simultaneously, global shrimp production increased.

In 2024, these unfavorable factors have improved significantly: inflation has eased, import demand from major markets has risen, global shrimp production has stabilized, and shrimp prices have shown an upward trend. Despite facing both internal and external challenges, Vietnam’s shrimp exports have achieved encouraging results. The target export revenue of $4 billion for 2024 is entirely within reach.

Exports increased in most seafood products

Beyond core products, Vietnam’s seafood export industry has also excelled in developing by-products like fishmeal. Fishmeal exports reached USD 220.4 million in the first 10 months and are expected to total USD 264.6 million for the year, with the Chinese market accounting for nearly 90% of the fishmeal export turnover.

China–Hong Kong emerged as the top market for Vietnamese seafood, with a 61% growth in November, bringing the cumulative export turnover to over USD 1.7 billion, a 19% increase year-on-year. The U.S. market also showed positive growth, with a 21% increase in November and a total of USD 1.67 billion after 11 months. This momentum is expected to continue in December, despite the possibility of new tariffs from the U.S. government. While markets such as Japan, the EU, and South Korea did not show major breakthroughs in November, they still contributed significantly to the overall seafood export turnover.

With the current growth momentum, Vietnam’s seafood industry is likely to achieve the USD 10 billion export target by year-end, reflecting an 11.5% increase compared to 2023. Shrimp and pangasius are expected to remain the two main contributors to this success, with shrimp projected to reach USD 4 billion and pangasius potentially hitting the USD 2 billion milestone.

Overall, 2024 is a promising year for Vietnam’s seafood industry, as exports continue to achieve remarkable milestones, not only in terms of value but also in the diversity and stability of export markets and products.

Meksea sends you the list of our best-selling products this week

Kindly please visit Meksea website to explore our pangasius products: https://mekseaconnection.com/product-category/pangasius/

Meksea always pays particular attention to product quality to secure each consumer’s family member’s health and set their mind at rest by bringing in true quality seafood products.

Are you looking for Pangasius products for your sales plan for 2024 and 2025? Contact Meksea right now for the best offers.

By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

If you found this topic interesting, please click the Like button below, so we may continue to expand this topic. Leave a comment with your thoughts for the author team to discuss