Vietnam’s seafood exports increased by 64% year-on-year in January this year

Seafood

Vietnam

Regulation & Compliances

Market & Price Trends

Published Mar 5, 2024

Tridge summary

Vietnam's seafood exports in January saw a significant increase of 64% from the previous year, reaching US$750 million. This includes a 71% increase in shrimp exports, 97% in pangasius, 57% in tuna, and 50% in other fish. Exports to mainland China and Hong Kong tripled, and there were also substantial increases to the US, Japan, and the European Union. Despite this, the shrimp industry faces challenges such as high inventory, low purchase prices, and competition from India and Ecuador. The pangasius industry is aiming to increase exports to $2 billion this year following slight improvements in production and market conditions.

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

According to news from SeafoodMedia on February 26, Vietnam’s seafood exports in January this year were US$750 million, a year-on-year increase of 64%. Among them, shrimp product exports increased by 71% year-on-year, pangasius increased by 97%, tuna increased by 57%, and other fish category increased by 50%. Vietnam’s seafood exports to mainland China and Hong Kong have more than tripled, exports to the United States have increased by 63%, Japan has increased by 43%, and exports to the European Union have increased by 34%. Some shrimp exporters said that as the market purchasing power is still weak, orders at the beginning of this year show no signs of improvement. There are still problems such as high inventory, low purchase prices, especially difficulties in competing with shrimps from India and Ecuador. Concerns about the risk of countervailing tariffs are also an obstacle faced by U.S. importers and Vietnamese export companies. Compared with other countries, the ...

Source: Foodmate