The Vietnam Association of Seafood Exporters and Producers (VASEP) said that seafood exports in July 2024 reached about 885 million USD, up 14% over the same period in 2023. This is the highest growth rate in the past six months and also the month with the highest export turnover since the beginning of the year. In the first 7 months of 2024, Vietnam’s seafood exports reached 5.28 billion USD, up 7% over the same period in 2023.
In July 2024, shrimp exports increased by 11%, the highest increase in the first 7 months of the year. Shrimp exports to China and the EU increased by 24% and 32%, respectively, to the US by 9%, and to Japan by 4%.
By the end of July 2024, shrimp exports had reached nearly two billion USD, up 7% over the same period last year. In particular, white-leg shrimp exports reached 1.45 billion USD (up 4%) and tiger shrimp reached 246 million USD (down 10%). Lobster exports nearly tripled to 145 million USD.
Catfish exports showed a brighter signal, with an increase of 23% in July. In the first 7 months of the year, catfish exports reached nearly 1.09 billion USD, up 7.7% over the same period last year.
China remains the No. 1 target market for Vietnamese catfish, with a value of 317 million USD.
After continuous double-digit growth of 16–32%, tuna exports in July slowed down, increasing by only 9% over the same period last year. In the first 7 months of the year, tuna exports reached 555 million USD, up 21% over the same period last year. Similarly, the export of squid and octopus only reached about 351 million USD, equivalent to the same period in 2023.
According to the VASEP, the four main markets showing clear signs of demand recovery in July include China-Hong Kong (up 30%), the US (up 14%), Japan (up 11%), and the EU (up 14%).
In the first 7 months of the year, seafood exports to the US and China-Hong Kong both increased by 10% and accounted for the same proportion, nearly 18% of Vietnam’s total seafood exports, reaching over 930 million USD. Exports to the EU also increased by 10% to reach over 600 million USD.
The VASEP said that in terms of frozen product segments, the US and EU will be the two potential markets in the second half of the year because of positive signals such as economic recovery or falling inflation and interest rates.
However, frozen product exports to China have not yet made a breakthrough with relatively low prices. In turn, China is the No. 1 destination for fresh seafood to serve restaurants, hotels, and tourism.
Therefore, the VASEP believes that fresh products, such as lobster, crab, or clams, will attract Chinese customers in the coming time.