Seafood exports in Vietnam rise to $2 billion in Q1

Market & Price Trends
Published Apr 4, 2024

Tridge summary

Vietnam's seafood exports have seen a notable increase in the first quarter, reaching nearly US$2 billion, an 8% rise from the previous year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The growth is primarily attributed to heightened demand in key markets such as the United States, Japan, and China - Hong Kong, with the US market alone witnessing a 16% increase in imports valued at $330 million. This surge is driven by popular Vietnamese seafood products like shrimp, tuna, tra fish, and crab. Positive developments include lower anti-dumping duty rates for Vietnamese tra fish in the US and preliminary countervailing duties on Vietnamese shrimp, which are lower than those imposed on India and Ecuador. Additionally, increased inspections on Ecuadorian shrimp by China are opening more opportunities for Vietnamese exporters. Despite some market challenges, the outlook for Vietnam's seafood exports remains optimistic, buoyed by expectations of better prices and increased orders following international seafood fairs.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Seafood exports were worth nearly US$2 billion in the first quarter, 8 per cent up year-on-year, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP). The US, Japan and China - Hong Kong were the three largest importers. Exports to the US increased by 16 per cent to $330 million, with shrimp, tuna, tra fish, and crab exports rising by 13-53 per cent. VASEP said tra fish prices in the US recovered after bottoming at the end of last year, and white-legged shrimp export prices also went up slightly though still low compared to average prices in the last five years. The US Department of Commerce (DOC) recently announced the final findings of the 19th anti-dumping duty administrative review of Việt Nam’s frozen tra fish fillets exported to the US between August 1, 2021 and July 31, 2022, and the anti-dumping tax rate for five Vietnamese companies was $0.18 per kilogramme. The rate was lower than following previous reviews, and provides a positive outlook for ...
Source: WTOCenter
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