VASEP released Report on Vietnam seafood exports, QI/2024

After a continuous decline in the second half of 2023, in the first quarter of 2024, Vietnam’s seafood exports showed signs of a slight recovery with an increase of 6.5% over the same period last year, reaching nearly 2 billion USD. Exports made a strong breakthrough in January, before the Lunar New Year, but tended to slow down in February and March.

The US and China were the two markets that have determined the growth of Vietnamese seafood in the last two years. In the first quarter, seafood exports to China and the US increased positively, thanks to increased demand for the Lunar New Year.

Shrimp, crab, and tuna exports had good sales growth in the first quarter and have a more positive outlook this year. Meanwhile, pangasius exports still decreased slightly over the same period. Other products, such as cephalopod, mollusks, fish cakes, surimi, and some marine fish species, still did not have good signals in the first quarter of this year.

Inflation and inventory continue to impact seafood consumption and imports in many markets. Besides, there are still many challenges and barriers in 2024 that are affecting Vietnam’s seafood production and export, such as the IUU yellow card for marine caught seafood, the countervailing duty (CVD) on warm water shrimp exported to the US, Red Sea tensions, increased shipping costs, etc.

Does Vietnamese seafood have the opportunity and potential to recover and make a breakthrough in the second half of the year? Are there any favorable opportunities for seafood businesses in the near future? Besides the US and China, which markets will be able to recover demand in 2024? What will be the consumption trends for aquatic products?

We invite businesses and readers to register for the Report on Vietnam Seafood Exports in QI/2024, to grasp trends, developments, and new points in seafood exports in the first months of the year and identify trends, demand in import markets, opportunities, and challenges of the seafood industry in 2024.

(Source: https://seafood.vasep.com.vn/)