Vietnam’s Seafood Exports Exceed $7 Billion in First Nine Months of 2024
Shrimp and Pangasius Lead Growth as Sector Rebounds Strongly
Vietnam’s seafood export industry has made an impressive recovery in 2024, with export values surpassing $7 billion by the end of September. This marks a significant turnaround after recent global disruptions, with key products like shrimp and pangasius driving growth. As of September, seafood exports had reached $866 million, reflecting a 6.4% increase year-on-year, pushing the total value for the first nine months of 2024 to $7.16 billion.
Pangasius Exports Surge by 14%
Pangasius, a staple of Vietnam’s seafood sector, continues to lead the charge. In the third quarter alone, pangasius exports totaled $544 million, representing a remarkable 14% growth compared to the same period in 2023. Total exports for pangasius have now reached $1.46 billion in 2024, with the U.S. market showing a particularly strong performance, growing by 23%. Mexico emerged as a top buyer among Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) nations.
The rising global demand has driven up the price of raw pangasius, further fueling optimism for the final quarter of the year. As the holiday season approaches, consumption is expected to increase, particularly for high-value-added pangasius products. This strong demand outlook hints at continued momentum through the end of 2024, solidifying pangasius as a key player in Vietnam’s export portfolio.
Shrimp Sector on Steady Rise, Reaching $2.8 Billion
Vietnam’s shrimp exports also posted solid growth. By the end of the first nine months, shrimp exports reached nearly $2.8 billion, reflecting a 10.5% year-on-year increase. Despite challenges in the frozen shrimp market due to price competition, Vietnam’s processed shrimp products continue to maintain a strong presence in key markets.
While frozen shrimp faces stiff competition in pricing, processed shrimp products show resilience, securing their place as a high-value export category. These processed goods, often ready for retail or food service use, are increasingly favored in many markets, particularly as consumers seek convenience and high-quality options.
Tuna and Crab Exports Show Mixed Results
Although tuna exports saw a slight decline, reaching $715 million by the end of September, they remain a significant contributor to Vietnam’s seafood export revenue. However, the standout performer of the third quarter was crab, which saw an extraordinary growth rate of 56%, showing the potential for diversification within Vietnam’s seafood offerings.
Strong Outlook for 2024
With market demand recovering and export prices on the rise, Vietnam’s seafood exports are on track to reach $9.5 billion by the end of 2024. This would represent a 7% increase compared to 2023, demonstrating the resilience and adaptability of Vietnam’s seafood industry. As consumption ramps up in the final quarter, particularly for high-value and processed products, Vietnam’s position as a leading global seafood exporter remains strong.
Key Highlights:
- $7.16 billion in total seafood exports in the first nine months of 2024.
- Pangasius exports grew by nearly 14%, driven by demand from the U.S. and CPTPP markets.
- Shrimp exports reached $2.8 billion, with processed shrimp products maintaining a strong market position.
- Crab exports surged 56% in the third quarter, showcasing growth potential in niche markets.
- Total seafood exports for 2024 are expected to hit $9.5 billion, a 7% increase over 2023.
This strong performance underlines Vietnam’s pivotal role in global seafood markets, with sustained growth across key product categories. As markets recover and demand rises, Vietnam’s seafood sector is well-positioned to capitalize on the trends driving international consumption.
Source: Vasep
