April 17, 2024

 

Vietnam's fishery exports surge in Q1, led by growth in US, China, and Japan markets

In the first quarter of this year, China, the US, and Japan emerged as the top importers of Vietnam's fishery products, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam Plus reported.

 

Exports to the US witnessed a significant surge, reaching US$330 million, marking a 16% increase compared to the same period last year. Shrimp shipments saw a 15% rise, while exports of tuna, tra fish, and crab surged between 13% and 53%.

 

Meanwhile, exports to China and Hong Kong increased by 15%, with China emerging as the largest importer of Vietnamese tra fish, white-legged shrimp, lobster, anchovy, and crabs.

 

With China tightening control over lobster imports from Ecuador, Vietnam seized an opportunity to boost exports, witnessing a sevenfold increase in lobster exports to China in the first quarter. Additionally, exports of white-legged shrimp surged 2.5 times during the same period.

 

Vietnam's fishery exports to Japan also showed positive signs, with white-legged shrimp, crab, and tra fish exports increasing by 20%, 23%, and 25%, respectively, compared to the previous year.

 

While exports of shrimp and tra fish to the EU and the Republic of Korea (RoK) remained sluggish, Vietnam's tuna shipments to these markets saw positive growth, rising by 27% to the EU and 15% to the RoK.

 

Overall, tuna exports to major markets experienced robust growth in the first quarter, with a 30% increase to the US and a 9% rise to Japan.

 

VASEP anticipates that Vietnamese exporters will secure more orders and achieve better prices following international fishery product fairs held in the EU, the US, and Japan.

 

Looking ahead, VASEP forecasts that Vietnam's shrimp industry will continue to compete with Ecuador and India in terms of prices and supply in 2024. While oversupply may occur in the first half of the year, tra fish inventory in key markets like the US, China, and the EU is expected to shrink, leading to an increase in export prices.

 

With gradual recovery expected in the second half of the year, Vietnam's fishery exports for the whole of 2024 are estimated to reach US$9.5 billion - US$10 billion, with shrimp accounting for US$4 billion, tra fish US$1.9 billion, and other fishery products US$3.6 billion to US$3.8 billion.

 

-      Vietnam Plus