Opportunity to increase seafood exports in the final months of the year

As the year draws to a close, seafood importers are expected to ramp up purchases in preparation for the holiday season and Lunar New Year.

According to the General Department of Customs, Vietnam’s seafood exports in July 2024 totaled nearly $916 million, a 17.8% increase compared to July 2023. Over the first seven months of 2024, exports grew by 8% year-on-year, reaching $5.32 billion.

During this period, Vietnam’s seafood exports to several markets saw significant increases: the United States by 12.8%, China by 11.6%, South Korea by 3.4%, Australia by 9.1%, Canada by 34.6%, Belgium by 14.2%, and Israel by 42.3%.

Notably, exports to Russia experienced robust growth, rising by 105% compared to the same period in 2023. However, exports to some markets, including Thailand, Taiwan, Hong Kong, and Malaysia, saw declines.

The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts that the final months of the year will continue to present challenges for seafood exports.

While the global economy shows signs of improvement, the pace of growth remains slow. High food prices, energy costs, and transportation expenses have led to a cooling of global inflation, but price pressures persist, falling short of desired targets and posing a risk of resurgence.

Ongoing conflicts and geopolitical tensions, with the potential for escalation, continue to threaten global security. The Russia-Ukraine conflict remains at a stalemate, with no signs of compromise or concession from either side, leading to rising transportation costs and further difficulties for Vietnam’s seafood exports.

Despite these challenges, the positive growth in Vietnam’s seafood exports over the first seven months of 2024 reflects the industry’s efforts to improve product quality, diversify markets, and adapt to fluctuations in the international market.

Looking ahead, as seafood importers increase purchases in preparation for year-end holidays, Vietnam’s seafood sector is poised to seize more opportunities to boost exports.

(Source: https://vietnamagriculture.nongnghiep.vn/)