MEKSEA.COM – Seafood exports in the first nine months of the year reached 7.16 billion USD, an increase of 8.5% compared to the same period last year. In September alone, exports reached 866 million USD, up 6.4% compared to September 2023. After four years of disruptions caused by COVID-19, war, and inflation, market dynamics are gradually stabilizing. Vietnam’s seafood exports in 2024 have returned to the usual trajectory, with acceleration in the second half of the year, peaking in Q3.

Seafood exports in Q3 this year reached 2.76 billion USD, an increase of nearly 13% compared to the same period last year. In particular, the key products showed significant breakthroughs, with pangasius increasing by 13.5%, shrimp exports up by 17.5%, crab and other crustaceans up by 56%, and shellfish increasing by 95%.

In September, tuna exports decreased by nearly 6% compared to the same period, leading to only about a 4% increase in Q3 compared to the same period last year. Starting in August, tuna exports began to stagnate and are trending downwards in the final months of the year due to regulations requiring the minimum size of tuna to be 0.5 meters, making it difficult for fishermen to catch, resulting in a shortage of raw materials for processing companies.

By the end of September, tuna exports had increased by 16% compared to the same period last year, reaching 715 million USD. Of this, frozen tuna loins/fillets accounted for 48% with 346 million USD, up by 9.6%. Canned tuna exports accounted for 30%, reaching 214 million USD, an increase of 16.6%. Most of the growth in tuna exports was the result of the first half of the year.

Pangasius exports in the first nine months of the year brought in 1.46 billion USD, up 8% compared to the same period last year. Notably, although processed pangasius products account for a modest share, they saw a breakthrough increase of 42%, frozen whole pangasius exports rose by 24%, and frozen pangasius fillets/cuts increased slightly by 4%.

Shrimp contributed the highest export revenue with nearly 2.8 billion USD, up 10.5% compared to the same period in 2023. In 2024, frozen shrimp exports were still affected by unclear price recovery trends, along with competitive pricing pressures from Ecuador and India. However, Vietnam’s processed shrimp maintains a strong position in various markets. By the end of September, processed whiteleg shrimp exports still increased by nearly 10%, while frozen whiteleg shrimp exports saw a more modest growth of 4.5%. Accumulated over the first nine months of the year, whiteleg shrimp exports reached nearly 2 billion USD, and black tiger shrimp exports reached 334 million USD.

As for squid and octopus, the processed product segment showed better export performance than frozen goods. Accordingly, processed squid exports increased by 22% in Q3 and by 13% in the first nine months of the year. However, total squid and octopus exports in the first three quarters of the year still slightly decreased by 2.7% compared to the same period, reaching 464 million USD.

Export of Other Fish Species (mainly marine fish) experienced a slight growth in Q3 (+1.5%), reaching over 181 million USD. The accumulated export value in the first 9 months of the year reached 1.34 billion USD, a slight decrease of 3% compared to the same period last year. Among them, fillet products still held the largest share, with nearly 479 million USD, a slight increase of 2.2% compared to the same period last year. Surimi fish paste exports continued to decline by 3% in Q3, and the total for the first 9 months of the year fell by nearly 11% compared to the same period, reaching 203 million USD.

Crab and swimming crab exports have consistently maintained high growth rates since the beginning of the year. In Q3 alone, exports of these products increased by 56%, and over the first 9 months, they grew by 66%, reaching 227 million USD. This was mainly due to the strong growth in live crab exports to the Chinese market.

Continued growth in seafood exports in September shows positive signals for the seafood industry. There is optimism that exports in 2024 will achieve better results compared to 2023, with an estimated export value of 9.5 billion USD, a 7% increase. Shrimp exports are projected to reach nearly 4 billion USD, pangasius (catfish) around 2 billion USD, tuna approximately 1 billion USD, squid and octopus about 640 million USD, and the remaining will be from marine fish and other seafood products.

The recovering demand in various markets, along with rising export prices, is a driving force for businesses to boost exports in the remaining months of this year and into 2025

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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