Lobster exports to increase 57 times in first half of 2024

Seafood exports earn over 4.4 billion USD

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in June 2024, the country's seafood exports are estimated to reach 875 million USD, up 14% over the same period last year. This is also the month with the highest export turnover since the beginning of the year. Accordingly, cumulative seafood exports in the first half of this year brought in over 4.4 billion USD, up nearly 7% over the same period in 2023.

Lobster exports to increase 57 times in first half of 2024

Exports of most key products saw high growth in June, with tra fish exports increasing by 22%, tuna by 40%, and crab by 59%. Shrimp exports increased slightly by 7%. Squid and octopus were the only products that decreased slightly compared to the same period last year.

In the first half of this year, shrimp exports brought in more than 1.6 billion USD, 7% higher than the same period last year. Of which, white-leg shrimp reached nearly 1.2 billion USD, a slight increase of 3%, and black tiger shrimp reached over 200 million USD, a decrease of 10%. Lobster exports alone increased sharply by 57 times compared to the same period, reaching more than 130 million USD.

Pangasius exports in the first half of this year reached 922 million USD, up nearly 6% over the same period. Although demand has improved, export prices to markets such as China, the EU, the UK are still low, etc. Only the US market has shown more positive signs in terms of both price and import volume.

Tuna exports in the first half of this year increased by nearly 25% to reach 477 million USD, mainly due to the strong growth of canned and bagged fish segment. Meanwhile, squid and octopus exports decreased slightly by 1% to 289 million USD, of which squid products decreased, while octopus exports still increased.

In addition to tuna, there are many other marine fish products with strong demand and sales growth in the first half of this year. Of which, sea bass had an export growth of 27% reaching over 36 million USD, yellowstripe scad increased by 14% reaching over 29 million USD, mackerel increased by 6%, pollock increased by 8% reaching 38 million USD, and orange bream increased by 96%. Some freshwater fish species with increased import demand include: red tilapia increased by 32%, perch increased by 18%, and eel increased by 93%.

EU market records highest export growth of 40%

Seafood exports to the top 2 largest markets, the US and China - Hong Kong (China), both recorded high growth in June, specifically, seafood exports to the US increased by 14%, and to the China - Hong Kong (China) market increased by 18%.

The US economy has shown positive signs this year. Inflation in the US has dropped rapidly from 9% to 3% this year, the US will soon cut interest rates this year to stimulate consumer demand, so there will be good opportunities for exporters. In the first half of the year, seafood exports to the US market reached 733 million USD, up 9%. Meanwhile, exports to China - Hong Kong (China) in the first half of the year increased by 7% to 766 million USD.

Exports to Japan in June increased slightly by only 2% compared to the same period last year. By the end of June 2024, seafood exports to Japan reached 705 million USD, down slightly by 1% compared to the first half of 2023. The Japanese Yen depreciated by 12% against the USD and was the currency with the most depreciation among major currencies, which was a factor in the decline in imports. In addition, the disadvantages caused by China's ban on importing Japanese seafood also contributed to the slowdown in Japan's imports.

Exports to the EU market alone saw the highest growth (+40%) in June. In the first half of 2024, seafood exports to the EU were $513 million, up 12% year-on-year. The EU market is gradually stabilizing. Market and consumer prices are stable, while seafood inflation continued to decline to 2.1% in May. Since March, inflation has fallen even more significantly for frozen seafood, with an inflation rate of minus 0.9% in May. EU seafood demand and imports are expected to rebound after the European summer holidays.

VASEP expects that this year, the export situation will stabilize according to the normal cycle, accelerating in the third and fourth quarters, accordingly, the export turnover will be about 15% higher than the same period in 2023, reaching over 5.5 billion USD, bringing the export result for the whole year of 2024 to nearly 10 billion USD, an increase of 12% compared to 2023.

China increases lobster imports and exports sharply

As for lobster, China is currently the largest import market for this product from Vietnam, accounting for 98 - 99%. According to experts, China's massive purchase of Vietnamese lobsters has caused the export of this item in the first half of 2024 to increase 57 times compared to the same period last year.

Previously, in October 2023, China stopped importing Vietnamese spiny lobsters due to regulations related to the country's Wildlife Protection Law. To export spiny lobsters to China, businesses must prove that the shrimp seeds are not caught directly from the sea, clearly demonstrate the farming process, and do not use wild-caught seeds, meaning the seeds must be of the F2 generation; the importer must have a license...

On January 20, 2024, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam led a delegation of the Ministry to work with the People's Government of Guangdong Province (China) on trade cooperation and agricultural development. In related working contents, the two sides also agreed to coordinate to handle difficulties in the import and export of sturgeon and lobster according to a special mechanism and will include it in the Protocol between the two countries. While waiting for the signing of the Protocol, China will consider and create a special mechanism for establishments to register to export lobsters to this country.

In Vietnam, many localities are now strong in lobster farming, with an estimated output of about 4,000 tons/year. Spiny lobsters alone have high economic value, generating revenue of about 2,000 billion VND.

In the Chinese market alone, Vietnam currently has 46 packaging facilities that are allowed to export lobsters to this market. Currently, lobster exports to China are on a favorable trend, but in the long term, it is necessary to move towards official exports. To do so, it is necessary to build chains from production, purchasing to export, associated with transparent traceability.

Source: https://congthuong.vn/nua-dau-nam-2024-xuat-khau-tom-hum-tang-57-lan-329302.html