Seafood exports in the third quarter of this year reached 2.76 billion USD, up nearly 13% over the same period last year.

According to the Vietnam Association of 
Seafood Exporters and Producers (VASEP), seafood exports in the first nine months of the year reached 7.16 billion USD, up 8.5% over the same period last year. In September alone, exports reached 866 million USD, up 6.4% over September 2023.

After 4 years of disruption due to the Covid pandemic, war, inflation, and market developments gradually stabilizing, Vietnam’s seafood exports in 2024 have returned to their usual trajectory of accelerating in the second half of the year, peaking in the third quarter.

Seafood exports in the third quarter of this year reached 2.76 billion USD, up nearly 13% over the same period last year. Of which, key products all had significant breakthroughs including tra fish up 13.5%, shrimp exports up 17.5%, crabs up 56%, and shellfish up 95%.

In September, tuna exports decreased by nearly 6% compared to the same period last year, making the third quarter exports only about 4% higher than the same period last year. Starting from August, tuna exports stagnated and are on a downward trend in the last months of the year, because the regulation on catching tuna with a minimum size of 0.5m makes it impossible for fishermen to catch and businesses do not have raw materials for processing.

By the end of September, tuna exports increased by 16% compared to the same period last year, reaching 715 million USD. Of which, frozen tuna loin/fillet accounted for 48% with 346 million USD, up 9.6%, canned tuna exports accounted for 30% with 214 million USD, up 16.6%. Most of the growth in tuna exports was the result of the first half of the year.

Pangasius exports in the first 9 months of the year brought in a turnover of 1.46 billion USD, up 8% over the same period last year. Of which, the processed pangasius group, although accounting for a modest proportion, increased dramatically by 42%, frozen whole pangasius increased by 24%, and frozen fillet/cut pangasius increased slightly by 4%.

Shrimp brought in the highest export turnover with nearly 2.8 billion USD, up 10.5% over the same period in 2023. In 2024, frozen shrimp exports will still be affected by price trends that have not clearly recovered, along with competitive selling price pressure with Ecuadorian and Indian shrimp.

However, Vietnam’s processed shrimp still has a good position in the markets. Therefore, by the end of September, processed white-leg shrimp exports still increased by nearly 10%, while frozen white-leg shrimp exports increased slightly by 4.5%. In the first 9 months of the year, white-leg shrimp exports reached nearly 2 billion USD, black tiger shrimp exports reached 334 million USD.

Regarding squid and octopus, the processed product segment also showed better export signals than frozen products. Accordingly, processed squid exports increased by 22% in the third quarter and increased by 13% in the first 9 months of the year. However, total squid and octopus exports in the first 3 quarters of the year still decreased slightly by 2.7% compared to the same period last year, reaching 464 million USD.

Exports of other fish species (mainly marine fish) grew slightly in the third quarter (+1.5%) to over 181 million USD. Cumulative exports in the first 9 months of the year reached 1.34 billion USD, down slightly by 3% compared to the same period last year. Of which, fillet products still accounted for the largest proportion with nearly 479 million USD, up slightly by 2.2% compared to the same period last year. Surimi fish cake exports continued to decrease by 3% in the third quarter and cumulatively in the first 9 months of the year decreased by nearly 11% compared to the same period, reaching 203 million USD.

Crab exports have maintained a high growth rate since the beginning of the year. In the third quarter alone, exports of this product increased by 56% and in the first 9 months of the year increased by 66% to reach 227 million USD, mainly due to the sharp increase in live crab exports to the Chinese market.

Continuing to grow in September, seafood exports are showing positive signs for the seafood industry community, with the belief that in 2024, exports will achieve better results than in 2023 with an expected turnover of 9.5 billion USD, an increase of 7%. Of which, shrimp exports are estimated to reach nearly 4 billion USD, pangasius reaches about 2 billion USD, tuna is approximately 1 billion USD, squid and octopus are about 640 million USD, the rest are other marine fish and seafood products.

According to VASEP, market demand is recovering, export prices in markets are increasing and will continue to increase, which is the driving force for businesses to boost exports in the last months of the year and in 2025.