Vietnam’s seafood export industry is on a promising upward trajectory, showcasing resilience and adaptability in the global market. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the first eight months of 2024 saw a remarkable recovery, with seafood exports reaching nearly $6.3 billion, an impressive 9% increase compared to the previous year.
August was particularly strong, with a 20% surge in export value, totaling nearly $953 million. This growth highlights Vietnam's strengthening position in international trade, as demand for key seafood products such as shrimp, pangasius, and tuna continues to rise. Notably, shrimp exports experienced a steady increase, hitting $2.4 billion, fueled by robust performances in both white-leg and black tiger shrimp. The lobster sector also demonstrated outstanding growth, with a 140% increase in export turnover, signaling Vietnam's expanding market reach.
Pangasius exports saw a solid recovery, reaching $1.3 billion, with the US market playing a significant role in this growth. A 23% surge in exports to the US indicates a strengthening trade relationship and the expanding appeal of Vietnamese seafood in this key market.
Tuna exports rose by 21% to $652 million, further illustrating Vietnam's capability to cater to diverse global demands. While challenges like sourcing raw materials remain, the industry's ability to innovate and adapt to regulatory changes demonstrates its commitment to sustainable and quality-driven trade practices.
Despite some hurdles, such as navigating anti-subsidy taxes and ensuring compliance with export regulations, the overall outlook for Vietnam’s seafood exports is optimistic. VASEP projects that the industry will achieve an annual export value of $9.4-9.5 billion, representing a 6% growth over 2023. This anticipated growth underscores Vietnam's growing influence in the international seafood market and its potential to continue thriving in the global trade landscape.
#ITCNewsUpdates #BreakingNews #TradeOpportunities #ExportGrowth #VietnamTrade #SeafoodExports #MarketExpansion
