Vietnam’s aquatic product exports are showing promising signs of recovery, according to the latest report from the Vietnam Aquatic Products Processing and Export Association (Vasep). In May 2024, Vietnam exported approximately US$870 million worth of aquatic products, marking a notable year-on-year increase of more than 7%. This growth is indicative of a positive trend in the industry, buoyed by strong performances in key categories such as tuna and crab, alongside moderate gains in pangasius, squid, and octopus exports.
The cumulative export volume of Vietnam’s aquatic products for the first five months of the year reached US$3.6 billion, reflecting an overall increase of 6.5% compared to the same period last year. This steady growth underscores Vietnam’s resilience and competitiveness in the global seafood market.
Breaking down the specifics, Vietnam’s tuna exports in May 2024 soared to US$95 million, a substantial 36% surge year-on-year. Over the first five months, total tuna exports amounted to nearly US$397 million, marking a robust 25% increase from the previous year. Experts attribute this growth to rising demand for canned tuna products, which have expanded their market presence to over 65 countries worldwide, with major consumers including the United States, the European Union, and Israel.
Similarly, Vietnam’s crab exports surged impressively in May, surpassing US$26 million—a striking 92% increase compared to the same period in 2023. Cumulatively, crab exports for the first five months totaled US$101 million, showing an 84% jump year-on-year. This surge is primarily driven by heightened imports from China and Japan, with China notably expanding its imports of live crabs from Vietnam by tenfold in 2023.
The performance of pangasius, squid, and octopus exports also contributed positively, with pangasius exports growing by 10% year-on-year in May, while squid and octopus exports saw a 3% increase. However, the overall export value for squid and octopus in the first five months decreased slightly by nearly 2%, amounting to US$236 million.
Beyond these product-specific achievements, Vietnam’s broader agricultural, forestry, and fishery exports recorded a robust 21% growth in the first five months of 2024. The sector’s trade surplus reached US$6.53 billion, a remarkable 64.5% increase compared to the previous year, underscoring its significant contribution to the national economy.
Looking ahead, Vasep’s Public Relations Manager, Li Heng, highlighted that while Vietnam’s aquatic product exports have yet to achieve a breakthrough, major export markets such as the United States, Japan, the European Union, and South Korea are showing encouraging signs of recovery in both demand and import prices. In May 2024, Vietnam’s exports to these key markets collectively grew by 5% to 26% year-on-year, with the United States leading with a 13% increase, totaling US$635 million in foreign exchange earnings. Conversely, exports to China experienced an 8% decline year-on-year during the same period.
Overall, Vietnam’s aquatic product sector is poised to capitalize on these positive trends, leveraging its strengths in quality and market diversification to sustain growth and resilience in the face of global economic challenges.
Stay tuned with Ocean Treasure for more products and news:
· LinkedIn: Ocean Treasure World Foods Limited: Overview | LinkedIn
· Facebook: Ocean Treasure | Facebook
· Instagram: Ocean Treasure | Instagram photos and videos
