Vietnam’s aquatic product exports show an optimistic trend in early 2024

Seafood

Vietnam

Market & Price Trends

Published Mar 8, 2024

Tridge summary

Despite a 8% year-on-year decrease in February 2024 due to the Spring Festival holiday, Vietnam's aquatic product exports saw a 23% increase in the first two months of 2024, exceeding US$1.3 billion. Shrimp and tuna exports rose by 37%, pangasius by 15%, and other fish by 8%. The Vietnam Association of Aquatic Products Export and Processing (VASEP) anticipates that 2024's total export volume will surpass 2023's, potentially earning US$9.5 billion in foreign exchange, despite challenges such as oversupply, high inventory, and increased transportation costs due to the Red Sea conflict.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Data from the Vietnam Association of Aquatic Products Export and Processing (VASEP) shows that in February 2024, the country’s aquatic product exports reached approximately US$564 million, a year-on-year decrease of 8%, because February coincides with the traditional Spring Festival holiday. In the first two months of 2024, The total export value of aquatic products exceeded US$1.3 billion, a year-on-year increase of 23%; among which, the export value of shrimp and tuna both increased by 37% year-on-year, the export value of pangasius increased by 15%, and the export value of other fish increased by 8%. Shrimp market expert Jin Qiu revealed that as of the end of February, shrimp exports reached US$460 million, and export activities to many markets such as China, the United States, Japan, Canada and Australia are showing positive signs. In particular, demand in the Chinese market is picking up. 1 In March, China surpassed the United States to become Vietnam's largest shrimp ...

Source: Foodmate