According to the Director of Communications of the Vietnam Association of Seafood Exporters and Producers (VASEP) Le Hang, seafood exports to the US grew 14% in June 2024, bringing the total seafood export turnover to this market. The first half of 2024 reached 733 million USD, an increase of 9% over the same period in 2023.
As for pangasius products, as of June 15, 2024, cumulative exports to this market reached 146 million USD, an increase of 18%. For shrimp products, in the first five months of 2024, exports to the US reached 299 million USD, up 1% over the same period in 2023.
This growth is partly attributed to the 2024 US economy showing optimistic signs, such as inflation falling rapidly from 9% to 3%. The US will soon cut interest rates this year to stimulate consumption, and exporters will have many growth opportunities.
Currently, Vietnamese businesses are also promoting seafood exports to the US market. General Director of Minh Phu Seafood Group Joint Stock Company Le Van Quang, said in 2024, the company plans to sell 20% of its output to the US market.
Accordingly, the company will perfect and promote commercial shrimp farming using MPBiO biotechnology. This technology uses all antagonistic microorganisms to inhibit pathogens, uses microorganisms to enhance shrimp immune health and uses microorganisms to treat water in ponds, thereby creating high-quality shrimp products, and introducing more to customers in the US.
Meanwhile, Nam Viet Joint Stock Company said that for the US market, the development progress is relatively positive thanks to successful cooperation with large seafood distributors and reconnecting with old customers.
In addition to seafood, cashew nuts are also a product with growth potential in the US. According to data from the US International Trade Commission, in the first four months of 2024, the US imported more than 47.73 thousand tonnes of cashew nuts, worth 252.96 million USD, an increase of 18.5% in volume and an increase of 9.1% in value, compared to the same period in 2023.
Of which, cashew nut imports from Vietnam reached 41.98 thousand tonnes, worth 220.92 million USD, an increase of 11.5% in volume. Vietnam's cashew market share in total US imports increased from 86.22% in the first four months of 2023, to 87.95% in the first four months of 2024.
Also in the first four months of 2024, the US imported 2.2 thousand tonnes of tea from Vietnam, worth 3.2 million USD, an increase of 103.1% in volume and 83.9% in value, over the same period last year.
Vietnam is currently the 4th largest tea supply market for the US and has achieved a high growth rate, but only provides 5.7% of this market's total tea imports. According to statistics, about 86% of the total amount of tea consumed in the US in 2023 was black tea, so Vietnam still has many opportunities to boost exports of this product.
In addition, according to the US National Coffee Association, specialty coffee consumption in the US is rising thanks to increased demand from young consumers. 45% of interview participants used specialty coffee. This is the highest number since before the COVID-19 pandemic and 4% higher than in 2023.
Vietnamese coffee businesses must therefore pay special attention to this market segment when exporting to the US. In the first five months of 2024, Vietnam's coffee export value to the US reached 169.4 million USD, reaching 57.9% of 2023 revenue, with a total volume of 50 thousand tonnes.
Although most Vietnamese agricultural and fishery industries have seen export growth to the US market, there are still some problems which need to be resolved, to further increase turnover, in the last six months of the year.
Specifically, with fruit products, the Head of the Trade Office, Consulate General of Vietnam in San Francisco, Tran Minh Thang, said currently, fruit products from Vietnam exported to the US must undergo radiation screening processing.
However, Vietnam has two irradiation centres, both located in the southern region, so northern fruits take time to be transported to be irradiated before being exported to the US, including lychees, a favourite fruit. On the one hand, this increases transportation costs and reduces product competitiveness, on the other hand, it also affects product quality when it is slow to reach customers.
In addition, exporting agricultural products to the US in the current period has also faced constantly increasing transport costs. According to the VASEP, in Asia, the price of a 40-foot refrigerated container transporting seafood to North America has doubled or tripled since the beginning of the year, up about 9,000-10,000 USD.
Because consumers may have to take on this increased transportation cost, their demand will decline, affecting seafood exports in many countries, including Vietnam.
