Seafood exports soar to new heights in the third quarter

Seafood businesses are focusing on marketing for their year-end export strategy. Photo: T.H.

Vietnam's seafood exports achieved a remarkable growth of 8.5% in the first nine months of 2024, reaching a total value of US$7.16 billion, according to Le Hang, Director of Communications at the Vietnam Association of Seafood Exporters and Producers (VASEP).

The third quarter alone witnessed a substantial increase of nearly 13% in seafood exports, totaling US$2.76 billion. Key products such as tra fish, shrimp, crab, and shellfish experienced significant growth rates of 13.5%, 17.5%, 56%, and 95%, respectively.

After four challenging years marked by the COVID-19 pandemic, war, inflation, and market fluctuations, Vietnam's seafood exports have returned to a more stable trajectory in 2024, with the second half of the year witnessing accelerated growth, culminating in a peak in the third quarter.

Both shrimp and tra fish, Vietnam's primary export commodities, demonstrated robust growth. Tra fish exports generated US$1.46 billion in the first nine months, up 8% year-on-year. In particular, processed tra fish, although accounting for a smaller proportion, exhibited a remarkable surge of 42%; frozen whole tra fish increased by 24%; frozen fillet/cut tra fish increased slightly by 4%.

Shrimp exports reached nearly US$2.8 billion, a 10.5% increase compared to the same period in 2023. However, Vietnamese frozen shrimp faced challenges due to stagnant prices and intense competition from Ecuador and India.

Nevertheless, processed Vietnamese shrimp maintained a strong position in the market. Therefore, by the end of September, processed white-leg shrimp exports still increased by nearly 10%, while frozen white-leg shrimp exports increased slightly by 4.5%. In the first 9 months, white-leg shrimp exports reached nearly US$2 billion, while black tiger shrimp exports reached US$334 million.

Tuna exports also saw a 16% increase to US$715 million. Frozen tuna loin and fillet accounted for 48% of the total, while canned tuna contributed 30%.

The export of squid and octopus products, particularly processed items, outperformed frozen products. Accordingly, processed squid exports increased by 22% in the third quarter and 13% in the first 9 months. However, overall exports of squid and octopus declined slightly by 2.7% in the first three quarters.

Crab exports consistently recorded high growth rates. In the third quarter alone, crab exports surged by 56%, primarily driven by strong demand for live crabs in the Chinese market.

VASEP is optimistic about the future of Vietnam's seafood exports, projecting a total value of US$9.5 billion in 2024, a 7% increase compared to the previous year. In particular, shrimp exports are estimated at nearly US$4 billion, tra fish at about US$2 billion, tuna at approximately US$1 billion, squid and octopus at about US$640 million, the rest are marine fish and other seafood products. The association attributes this positive outlook to recovering market demand and rising export prices.

"The recovering demand and increasing export prices in various markets are driving businesses to boost exports in the remaining months of 2024 and throughout 2025," emphasized Le Hang.