Strong November Performance Drives Vietnam’s Seafood Export Growth
Vietnam’s seafood export sector maintained its robust momentum in November 2024, achieving exports worth $924 million, an impressive 17% increase compared to November 2023. This strong monthly performance pushed the total export turnover for the year to nearly $9.2 billion, a 11.5% year-on-year growth, bringing the country closer to its ambitious $10 billion export target.
Key Drivers of Growth
Shrimp Leads the Way
Shrimp exports continued to dominate, recording a 22% growth in November. With this momentum, shrimp exports are projected to reach a remarkable $4 billion by the end of 2024.
Pangasius and Tuna Show Strong Results
- Pangasius exports reached $1.84 billion in the first 11 months, with expectations to surpass $2 billion by year-end.
- Tuna exports also performed well, increasing by 8%, and are on track to hit $1 billion, matching 2022's record.
Exceptional Growth in Other Products
Other seafood products, including crab, squid, and shellfish, also showed strong demand:
- Shellfish exports exhibited a spectacular 180% growth, underlining the diversity of Vietnam's seafood offerings.
Key Export Markets
China-Hong Kong: Leading the Way
China-Hong Kong remained Vietnam’s largest seafood market, with an outstanding 61% growth in November. This brought total exports to the region to over $1.7 billion, a 19% increase compared to 2023.
The U.S.: Strong Despite Tariff Concerns
The U.S. market recorded 21% growth in November, with cumulative exports reaching $1.67 billion after 11 months. Despite potential tariff challenges, the U.S. remains a critical market for Vietnamese seafood.
On Track for $10 Billion
With consistent growth across key markets and product categories, Vietnam’s seafood industry is well-positioned to achieve its $10 billion export target in 2024. Strong performances in shrimp and pangasius exports, along with rising demand for other seafood products, continue to drive the sector’s success.
Conclusion
The achievements in Vietnam’s seafood export sector for 2024 reflect not only the industry's resilience but also its adaptability to global market trends. As the year-end approaches, the focus remains on maintaining this momentum to exceed the $10 billion milestone and further cement Vietnam’s position as a leading global seafood exporter.
Source: Vietfishmagazine.com
