Monthly aquatic exports top 1 billion USD again after 2 years

The association reported that export value of aquatic products last month saw a rise of 28% year on year, bringing the total in the first 10 months of this year to 8.27 billion USD, up 11.4% year on year.

VASEP PR Director Le Hang said that amid a strong rebound in demand for seafood imports in key markets, Vietnamese aquatic exports recorded impressive growth in October.

Particularly, exports to China and Hong Kong (China) surged 37%. Strong growth was seen in other markets such as the US at 31%, Japan 22%, the EU 27%, and the Republic of Korea 13%.

As of the end of October, the total value of seafood exports to China and the US hit 1.5 billion USD.

The VASEP representative pointed out that although the European economy is recovering more slowly compared to those of the US and China, positive signs from seafood consumption and import prices are gradually growing, opening up bright prospects ahead for Vietnamese businesses.

Exports to the EU from January to October increased by 11% compared to the same period last year, she added.

In contrast, those to Japan and the RoK achieved only modest growth of 1.5% to 2% due to such factors as prolonged inflation.

In the Jan-Oct period, exports of shrimps topped 3.2 billion USD, up 13%, while that of tra fish edged up by 10% to nearly 1.7 billion USD. The products recorded strong growth in exports in October at 26% and 24%, respectively.

Hang said that Vietnamese shrimp is enjoying great advantages in the US market as the US Department of Commerce recently announced preliminary countervailing duties on shrimp imported from Ecuador, India, and Vietnam. Accordingly, duty rates for Vietnamese shrimp stood at 2.84%, significantly lower than the 4.36% for India and 7.55% for Ecuador.

Meanwhile, crab and other crustacean exports fetched 267 million USD and 173 million USD, marking respective rises of 66% and 58% over the same time in 2023.

At the same time, in a good scenario, tuna exports may meet this year’s target of 1 billion USD like in 2022.