Vietnam: Seafood exports earned 2.7 billion USD in 4 months

Published May 14, 2024

Tridge summary

In April 2024, Vietnam's seafood exports experienced a 4% increase, reaching 770 million USD, with key products like tuna, pangasius, crab, and molluscs seeing positive growth. Despite this, shrimp exports remained stable and the market shows signs of recovery due to decreased inventories. Pangasius exports, on the other hand, surged by 13%, indicating a positive trend after a decline. Tuna exports also grew by 28%, while squid and octopus exports saw a decrease. Shellfish exports, however, increased by 14%. The industry faces challenges due to raw material shortages, exacerbated by EU market regulations and Vietnam's new IUU mining regulations. Crab products, especially live crabs, have seen a 101% growth, with China being the main market. However, exports to the EU, US, and China, the world's top seafood exporting countries, have varied, with only exports to Japan and Korea showing a slight increase.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Seafood exports in April 2024 reached 770 million USD, up 4% over the same period last year. In particular, a number of products such as tuna, pangasius, crab, and molluscs of all types recorded positive export growth over the same period. Shrimp products are only equivalent to April 2023, while squid, octopus and some other marine fish species are still lower than the same period. Cumulatively in the first 4 months of 2024, seafood exports earned 2.7 billion USD, up 6% over the same period in 2023. Specifically, in April 2024 shrimp exports reached 285 million USD, only equivalent to the same period in 2023 but this is still the month with the highest export value since the beginning of this year. Accumulated in the first 4 months of the year, the shrimp industry brought in sales of 971 million USD, 6% higher than the same period in 2023. According to assessments, shrimp exports to markets are showing signs of recovery because importers' inventories have decreased significantly, ...

Source: VNRuralEconomics