Shrimp and fish exports increase sharply

Seafood exports continued to flourish, reaching over 885 million USD in July, up 14% over the same period in 2023. In the first 7 months, seafood exports reached 5.3 billion USD, up 7%. Notably, the 4 key markets of China, the US, the EU and Japan also grew by double digits.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said: Shrimp is the main export item of Vietnamese seafood, with an export turnover of nearly 2 billion USD in the past 7 months, up 7% over the same period last year. Lobster exports, mainly to the Chinese market, reached 145 million USD, nearly 3 times higher than the same period last year.

Although shrimp inventories in the US have decreased, the purchasing power of importers is not high because they believe that shrimp prices will continue to decrease, so they have not increased their purchases. In addition, the sudden increase in shipping costs of 40% since May due to ships having to make detours has also affected Vietnam's exports. Normally, the US imports about 40% of its demand in the first half of the year and the remaining 60% in the second half of the year, so Vietnamese exporters hope that the market will continue to grow well in the coming months.

For pangasius, exports in July increased by 23%; the cumulative 7 months reached over 1 billion USD, up 7.7% over the same period last year. China is still the number 1 target market for Vietnamese pangasius, with a value of 317 million USD, down 2.3% compared to the same period in 2023.

Another important item is tuna, with exports in the past 7 months reaching 555 million USD, up 21% over the same period last year.

In particular, exports to the main markets of the US, China, and the EU all grew by double digits in July. In the first 7 months, the US and China markets both reached a turnover of 930 million USD, up 10% and accounting for 18% of Vietnam's total seafood exports. Exports to the EU reached over 600 million USD, up 10%.

Source: Chi Nhan - Thanh Nien Newspaper