Seafood exports return to mark of 1 billion USD per month

Seafood exports in October 2024 are estimated to reach more than 1 billion USD . (Photo: VNA)

This is the first time in more than two years (since June 2022) seafood exports have returned to the 1 billion USD a month mark, a positive signal for export enterprises in the last months of the year. In the first ten months of 2024, seafood exports brought in 8.27 billion USD, a year-on-year increase of 11.4%.

By the end of October, seafood export value to China and the US was close to 1.5 billion USD. Specifically, the export value to China is likely to exceed that to the US in the rest of the year if the growth momentum remains unchanged. With this, China can become Vietnam’s biggest seafood import market by the end of 2024.

In Europe, although the economy is recovering more slowly than in the US and China, positive signals from seafood consumption and import prices are gradually recovering, showing positive outlook for Vietnamese businesses. By the end of October 2024, exports to the EU rose by 11% year on year.

In contrast, seafood exports to Japan and the Republic of Korea (RoK) only achieved modest growth of 1.5 - 2%. According to analysis of businesses, prolonged inflation has greatly affected consumer demand in these two markets. Japan, once one of the two leading seafood import markets of Vietnam, has dropped to third place in 2024, with a turnover of 1.25 billion USD in the first ten months of the year, while the RoK only reached 646 million USD.

In terms of products, shrimp and pangasius are two products with greater growth potential in 2024. By the end of October 2024, shrimp exports reached more than 3.2 billion USD, up 13%, while pangasius exports earned nearly 1.7 billion USD, up 10%. In October alone, shrimp and pangasius exports enjoyed strong breakthroughs, with increases of 26% and 24%, respectively, far surpassing tuna and octopus./.