Seafood export turnover in 11 months reached over 9 billion USD

Shrimp exports maintained impressive growth momentum, reaching an increase of 22% in November and are forecast to reach the 4 billion USD mark by the end of the year; while other products also recorded positive growth.

Processing frozen shrimp for export at Minh Phu Company (Ward 8, Ca Mau city, Ca Mau province). (Photo: Kim Ha/VNA)

According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), although seafood exports in November 2024 slowed down slightly, they still maintained impressive growth with a value of 924 million USD, an increase of 17% over the same period in 2023.

Accumulated in the first 11 months of 2024, Vietnam's seafood export turnover reached nearly 9.2 billion USD, up 11.5% over the same period last year.

Shrimp exports continued to maintain impressive growth, reaching a 22% increase in November and are expected to reach $4 billion by the end of the year. Other products such as pangasius and tuna also recorded positive growth.

Pangasius reached 1.84 billion USD in the past 11 months and is forecast to reach 2 billion USD in 2024. Tuna, despite slowing growth, still increased by 8% compared to November 2023, and could reach 1 billion USD like the record in 2022.

In addition, some products such as crabs, shellfish and squid also recorded high growth; of which, shellfish achieved an impressive growth rate of up to 180%.

Ms. Le Hang, Director of Communications at Vasep, said that in addition to key products, the Vietnamese seafood industry is also promoting the processing and export of by-products such as fishmeal. Fishmeal exports reached 220.4 million USD in the first 10 months of 2024 and are forecast to reach over 264 million USD for the whole year, with the Chinese market accounting for nearly 90% of total export turnover.

In terms of markets, China (including Hong Kong) surpassed the US to become the leading market for importing Vietnamese seafood with a growth rate of 61% in November, bringing the total cumulative import turnover in 11 months to more than 1.7 billion USD, up 19% over the same period last year.

The US market also recorded positive growth of 21% in November, reaching 1.67 billion USD after 11 months and is expected to continue to be positive in the last month of the year before the US government can apply new tariffs.

Although the Japanese, EU and Korean markets did not have a big breakthrough in November, they still contributed significantly to the total seafood export turnover; in which, Vietnam's tuna exports to Japan have had high growth in recent months when the Japanese economy has many positive signals.

According to Ms. Le Hang, in 2024, Vietnam's seafood exports will continue to achieve impressive results, not only in value but also in the diversity and stability of export markets and products. Based on positive signals from the market and seafood products, it is almost certain that Vietnam can achieve the target of reaching 10 billion USD in exports in 2024, an increase of 11.5% compared to 2023.

In particular, shrimp and pangasius will continue to be the two main pillars contributing to this result. Seafood export forecasts in 2025 continue to be positive despite many challenges from international trade policies./.

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