Aquatic exports to US and Chinese markets surge

Truong Dinh Hoe, general secretary of the VASEP, said shrimp exports ahead in the last months of the year and into 2024 depend largely on fluctuations occurring in the US market.

Currently, the import volume of shrimp from this market has begun to recover, although the import price remains at about 13% lower than the same period from last year.

Hoe pointed out that the US’ import demand is anticipated to increase ahead in the remaining two months due to holidays occurring during the year-end period.

He added that although pangasius exports dropped by 28% to over US$1.5 billion in 10 months on-year, there remain several positive signs following the United States Food Safety and Inspection Service (FSIS) recently conducting a positive assessment over the food hygiene and safety management system of Vietnamese pangasius exports to the US. 

Most notably, seafood exports to the Chinese market have recovered significantly, with turnover of breaded pangasius fillets increasing.

Most notably, tuna and crab exports to the market witnessed double-digit growth. Accordingly, in October tuna exports increased by more than 13%, thereby helping this item to gross more than US$700 million from the beginning of the year until now.

Crab exports also rose by more than 40% over the same period from last year, meaning turnover in the 10-month period reached over US$160 million.

According to information given by the VASEP, the future recovery in seafood exports largely depends on the US and China as the two main markets.

Seafood exports in the fourth quarter are projected to hit roughly US$2.4 billion, equivalent to the same period last year, thereby bringing this year's export turnover to US$9 billion.

Statistics indicate that as of the end of October this year, seafood exports earned nearly US$7.5 billion, down 20% over the same period from last year.