Vietnam's export of a super expensive seafood species increased 80 times, with China buying the most

Seafood

Vietnam

Regulation & Compliances

Market & Price Trends

Published Mar 20, 2024

Tridge summary

The Vietnam Association of Seafood Exporters and Producers (VASEP) has reported a 13% rise in seafood exports in the first two months of 2024 compared to the same period in the previous year. The surge is largely due to an 18-fold increase in lobster exports, which reached nearly $30 million, primarily driven by demand from China. The shift from cotton lobster farming to blue lobster farming, in response to China's Wildlife Protection Law, has contributed to this increase. Other significant markets for Vietnam's lobster exports include Thailand, Malaysia, Singapore, and the US.

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

The Vietnam Association of Seafood Exporters and Producers (VASEP) said that in the first two months of 2024, seafood exports increased by 13% over the same period last year. Many main products have had positive growth in the past 2 months, of which white shrimp increased by 18%, tuna increased by 21%, pangasius increased by 6.5%, and black tiger shrimp increased by 9%. Notably, lobster exports have skyrocketed 18 times over the same period last year. By the end of February 2024, lobster exports reached nearly 30 million USD, an increase of 1,746% compared to 1.6 million USD in the same period last year. Of which, blue lobster (rock lobster) exports accounted for more than 90% with 27.6 million USD, an increase of 80 times, followed by cotton lobster reaching 2.15 million USD, an increase of 45 times over the same period. . China is still the largest import market for Vietnamese lobster products, with a value of nearly 29 million USD, 27 times higher than the same period last ...

Source: Danviet