In the first half of 2024, Vietnam's seafood exports faced several challenges and exhibited varying performance across different segments. Overall, the export landscape was influenced by global economic conditions, market-specific issues, and competitive pressures.
Shrimp Exports: Vietnam's shrimp exports experienced stiff competition from countries like Ecuador and India, particularly in the US and Chinese markets. Despite these challenges, the shrimp industry aimed to achieve exports worth $4 billion in 2024 (VASEP).
Pangasius Exports: The pangasius sector showed mixed results. While the US market saw a 12% increase in pangasius imports, the EU market experienced a 9% decline. The cumulative pangasius exports for the first five months of the year reached $747 million, a 2% increase over the same period last year. Notably, China and CPTPP countries maintained their growth momentum, with significant increases in exports to markets like Mexico, Japan, and Canada (VASEP).
Tuna Exports: Tuna exports showed a strong recovery, with a 58% increase in January 2024 compared to the same period in 2023. This growth was driven by increased demand in markets like the US, EU, and Middle Eastern countries. The reopening of preferential tariff quotas under the EU-Vietnam Free Trade Agreement (EVFTA) also contributed to the positive trend (VASEP).
Challenges: The sector faced ongoing issues such as high feed costs, geopolitical tensions, and the impact of the IUU yellow card on exports to the EU. These factors, along with rising transportation costs, have posed significant hurdles for exporters (VASEP).
Outlook: Despite these challenges, there is cautious optimism for a gradual recovery in the second half of 2024. The seafood industry is expected to adapt to market conditions and push towards achieving an export revenue target of $9.5 to $10 billion for the year (VASEP).
Source: https://vasep.com.vn/
