top of page

Which Vietnamese aquatic product recovered the strongest in 5 months?

Although not growing as strongly as agricultural and forestry products, the recovery of many main industries such as shrimp and pangasius has brought positive signs for fisheries in the first 5 months of 2024.

According to the report just published by the Ministry of Agriculture and Rural Development, in the first 5 months of 2024, most product groups increased, so the total export turnover of agricultural, forestry and fishery products reached 24.14 billion USD (increased by 4.2 billion USD) compared to the same peiod last year. Of which, the seafood group reached more than 3.5 billion USD, an increase of 3.6%.

Vietnamese aquatic product

Statistics from the Association of Seafood Exporters and Producers (Vasep) show that in the first 5 months of the year, there were only 2 aquatic products with a slight decrease in turnover: some other types of fish and squid and octopus. The remaining main products such as shrimp, pangasius, tuna... all had growth of 3-25%.

Vietnamese aquatic product

In terms of turnover, shrimp is still the product with the highest value, with 326 million USD in May, bringing the total value of shrimp exports in 5 months to more than 1.3 billion USD, up 7.5% over the same period. last year. Thanks to increased exports, raw shrimp in the domestic market has increased such as: vannamei shrimp of 50-60 shrimp/kg at 80,667 VND/kg, an increase of 3,000 VND/kg, type 100 shrimp/kg at 108,333 VND/kg. kg, increased by 2,600 VND/kg).

Vietnamese aquatic product

Vietnamese shrimp exports to the Chinese market in the first 5 months of this year grew very strongly, with an increase of more than 40% over the same period last year, bringing in 240 million USD.

Shrimp exports to the US market reached about 210 million USD, up 5% over the same period last year. The United States initiated an anti-subsidy lawsuit against the Vietnamese shrimp industry at the end of last year and by the end of March, the US Department of Commerce (DOC) announced the preliminary tax rate for this lawsuit was 2.84%. At this time, our country's shrimp exporters are still hoping that when the DOC goes to Vietnam to appeal, if this tax rate is reduced below 2%, the lawsuit can be canceled.

“Even though there are only preliminary results, the lawsuit against shrimp import subsidies from four countries including Vietnam has affected shrimp exports to the United States, because immediately after the preliminary results, exporters Importers must pay a deposit when importing shrimp," Vasep informed.

Shrimp exports to the EU in the first 5 months of 2024 are approximately 150 million USD, equivalent to the same period last year. Exports to the main single markets in the bloc all grew by double digits: exports to Denmark increased by 88%, to Germany increased by 29%, to the Netherlands increased by 37%, and to Belgium increased by 39%.

With pangasius products , export turnover in the first 5 months of the year is estimated to reach 755 million USD, up 3% over the same period in 2023.

Vietnamese aquatic product

The largest import market for Vietnamese pangasius in the first 5 months of the year is still the United States, then China, followed by Europe and some other South American markets.

For the US market, frozen pangasius fillets are still the main product exported to this market. By the end of May, exports of frozen pangasius fillets to the United States reached more than 120 million USD, an increase of 19% over the same period in 2023, accounting for 98% of the total value of pangasius exports to the United States.

Among Vietnamese pangasius products, the United States is currently increasing imports of processed pangasius, with an increase in value 8.5 times compared to the same period in 2023. Meanwhile, frozen pangasius exports to the market The US market declined again due to reduced consumer demand.

As for the European market, although this market has become vibrant again from April until now, pangasius export turnover to the European market in the first 5 months of 2024 is estimated to only reach 70 million USD, still decreasing. 7% over the same period in 2023.

In terms of price, according to Vasep, the average price of pangasius exports has tended to gradually improve in the first 4 months of this year, from a low of 2.4 USD/kg in December 2023 to 2.9 USD. /kg in April. In general, the price of frozen pangasius to the United States in the first 4 months of this year increased by about 24% compared to the same period last year.

In contrast to the US market, pangasius prices to China continue to fall. By April, prices had dropped to their lowest level since July 2021, reaching $1.89/kg. However, China is still Vietnam's largest pangasius import market.

“China's economy is slowing down, making consumers more cautious in spending, importers are forced to focus on cheaper products, so pangasius is increasingly gaining a foothold in this market. Much cheaper than Chinese domestic fish species such as carp, tilapia, and fruit fish, pangasius is popular with consumers in this country, especially families who want to cook at home. Pangasius is also a species that mothers love to make children's menus because of its white fish characteristics, soft meat, few bones and nutritious...", Vasep assessed.

Crab exports in May increased nearly 92% to over 26 million USD. Accumulated in the first 5 months of the year, this product brought in 101 million USD, an increase of 84%, the highest among the seafood group, mainly thanks to crab products increasing more than 2 times over the same period. The two largest markets, China and Japan, both increased imports of Vietnamese crab. Among them, China is the largest consumer market for live crab, with an 11-fold increase over the same period in 2023. For the Japanese market, Vietnam exports mainly snow crab finished products: snow crab meat. , shelled snow crab, snow crab legs and a small portion of ground crab...

VASEP assesses that, although there has not been a strong breakthrough, in general major markets have shown signs of gradual recovery in both demand and import prices. Accordingly, major markets such as the United States, Japan, EU, and Korea all grew positively in May with an increase of 5-26%, with China alone decreasing by 8% over the same period. As of the end of May, the United States still led with a growth rate of 13% reaching 635 million USD in seafood import value from Vietnam. Exports to Japan, China, Korea and the EU will only grow modestly by 3-4% over the same period in 2023.

"It is expected that the problem of inventory and oversupply will gradually decrease and become more favorable for seafood importers in the second half of the year, then exports can recover if there is a bottleneck in seafood raw materials." and shrimp and pangasius are open," said Ms. Le Hang, Vasep Communications Director.

Vietnamese aquatic product



bottom of page