Seafood exports to Russia increased by 105.5%

The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs, saying that in June 2024, the country's seafood exports reached 840.7 million USD, an increase of 8.4% over the same period in 2023. In the first 6 months of 2024, Vietnam's exports reached over 4.4 billion USD, an increase of 6.2% over the same period in 2023.

Regarding the market, in June 2024, Vietnam's seafood exports to the two largest markets, the United States and China, both grew positively with double-digit growth.

Seafood exports to Russia increased by 105.5%

Specifically, seafood exports to the US increased by 10.1%, reaching 160.1 million USD; exports to China increased by 18%, reaching 144.5 million USD. Exports to the EU are also showing signs of recovery as exports to major markets in the bloc such as the Netherlands, Belgium, Germany, etc. have shown positive growth.

In the first 6 months of 2024, Vietnam's seafood exports to most major markets increased compared to the same period in 2023, except for exports to Japan which decreased by 1.4%, Thailand which decreased by 16.1%, and Hong Kong (China) which decreased by 8.8%.

Of which, seafood exports to the US market in the first 6 months of 2024 reached 733 million USD, up 9% over the same period in 2023; exports to China reached 766 million USD, up 7% over the same period in 2023; Notably, Vietnam's seafood exports to Canada and Russia increased sharply, up 37.3% and 105.5% in value respectively over the same period in 2023.

The Import-Export Department (Ministry of Industry and Trade) forecasts that in the last 6 months of 2024, Vietnam's seafood exports are likely to continue to recover as the world economy improves. Accordingly, the US economy has shown many optimistic signs such as rapidly decreasing inflation and a stable labor market, which will be factors supporting consumer spending.

This will be a good opportunity for Vietnamese seafood exporters to the US market in the coming time. Meanwhile, the EU economy is also gradually stabilizing. Consumer prices are stable, while inflation continues to decrease, the EU's demand for seafood consumption and imports is likely to increase again.

However, seafood exports also face many difficulties when the main product, shrimp, has to compete fiercely with similar products from Ecuador and India because the shrimp prices of Ecuador and India are more competitive than those of Vietnam.

In addition, the unpredictable developments of the pandemic may affect raw material sources in the last 6 months of the year. Meanwhile, transportation activities through the Panama Canal and the Suez Canal are still facing difficulties. Although transportation costs have decreased compared to the peak in February and March 2024, they are still high, which may lead to an increase in seafood prices in the consumer market.

Source: https://congthuong.vn/xuat-khau-thuy-san-sang-nga-tang-1055-333285.html