Vietnam’s aquatic exports continued their growth trajectory despite a slight slowdown in November 2024, as reported by the Vietnam Aquatic Products Processing and Export Association (VASEP) on December 4. The sector achieved export revenues of $992.4 million in November, marking a 17% year-on-year increase. From January to November, the cumulative export value reached nearly $9.2 billion, reflecting an 11.5% growth compared to the same period last year.
Key Contributors to Growth
Shrimp exports demonstrated robust performance, surging by 22% in November. They are projected to reach $4.4 billion by year-end. Other seafood categories, including tuna, crabs, and mollusks, also recorded significant growth.
- Pangasius (Chayu) exports totaled $1.84 billion between January and November and are anticipated to reach $2 billion by December.
- Tuna exports showed moderate growth at 8% year-on-year, with annual revenues expected to hit $1 billion.
- Shelled mollusks stood out with a remarkable 180% growth rate.
Additionally, Vietnam has increased its focus on processing and exporting by-products like fishmeal. From January to October, fishmeal exports generated $220.4 million, with full-year estimates exceeding $226.4 million. China accounted for nearly 90% of these exports.
Market Performance
In November, China (including Hong Kong) surpassed the United States to become Vietnam’s largest export market for aquatic products, with exports soaring by 61%. The cumulative export value to China in the first 11 months exceeded $1.7 billion, a 19% year-on-year increase.
The U.S. market also performed well, growing by 21% year-on-year, with total exports from January to November reaching $1.67 billion. However, future growth may hinge on potential changes in U.S. tariff policies.
While Japan, the European Union, and South Korea did not experience major breakthroughs, they remain vital markets. Notably, Vietnam’s tuna exports to Japan have shown significant growth in recent months.
Outlook for 2024
Li Heng, Media Director of VASEP, expressed optimism about the sector’s prospects, emphasizing that Vietnam’s aquatic exports are on track to achieve the 2024 target of $11 billion, reflecting an 11.5% increase year-on-year.
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