Seafood exports from Vietnam have shown significant growth in the first five months of the year, with increased demand and higher prices driving the positive trend, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
In May, the country's seafood exports are projected to reach US$870 million, marking a growth of over 7 percent compared to the same period last year. This growth is attributed to significant advancements in the export of tuna and crab, while exports of tra fish, squid, and octopus have also seen a modest increase. However, shrimp exports have slightly declined compared to the previous year.
Overall, seafood exports for the first five months of the year are estimated to reach $3.6 billion, reflecting a 6.5 percent increase year-on-year.
Tuna exports saw a remarkable 36 percent increase to over $95 million in May, with canned tuna up 18 percent, bagged tuna up more than 3.5 times, frozen tuna loins/fillets up 25 percent, and frozen whole tuna up nearly seven times compared to the same period last year. Crab exports soared by 92 percent, while tra fish exports rose by 10 percent. Exports of squid, octopus, and other fish species experienced a modest 3 percent growth. In contrast, shrimp exports declined by 1.5 percent.
For the first five months, tuna exports rose 25 percent to nearly $397 million, while crab exports hit $101 million, an 84 percent jump, mainly driven by a doubling of crab product exports. Key markets like China and Japan increased their imports of Vietnamese crabs.
Tra fish and shrimp exports during this period increased by 3 percent and 7 percent year-on-year, respectively, reaching nearly $755 million and $1.3 billion.
Major markets, including the US, Japan, the EU, and South Korea, are gradually showing signs of recovery in both demand and import prices for seafood. In May, exports to these markets grew positively, ranging from 5 to 26 percent.
However, exports to China declined by 8 percent compared to last year. The US remains the top market with a 13 percent growth, reaching $635 million worth of seafood imports from Vietnam. Exports to Japan, South Korea, and the EU showed modest growth of 3-4 percent.
#ITCNewsUpdates #BreakingNews #TradeNews #SeafoodExports #MarketUpdate #VietnamSeafood #ExportGrowth
