The association reported that the export value of aquatic products last month saw a rise of 28% year on year, bringing the total in the first ten months of this year to 8.27 billion USD, up 11.4% year on year.
Exports to China and Hong Kong (China) surged 37%. Strong growth was seen in other markets, such as the US at 31%, Japan at 22%, the EU at 27%, and the Republic of Korea at 13%. As of the end of October, seafood exports to China and the US hit 1.5 billion USD.
A representative of the VASEP pointed out that although the European economy is recovering more slowly compared to the US and China, positive signs from seafood consumption and import prices are gradually growing, opening up bright prospects ahead for Vietnamese businesses. She added that exports to the EU from January to October increased by 11% compared to last year.
In contrast, Japan and the RoK achieved only modest growth of 1.5% to 2% due to such factors as prolonged inflation. From January to October, shrimp exports topped 3.2 billion USD, up 13%, while that of tra fish edged up by 10% to nearly 1.7 billion USD. The products recorded strong growth in exports in October at 26% and 24%, respectively.
Vietnamese shrimp enjoy great advantages in the US market as the US Department of Commerce recently announced preliminary countervailing duties on shrimp imported from Ecuador, India, and Vietnam. Accordingly, duty rates for Vietnamese shrimp stood at 2.84%, significantly lower than the 4.36% for India and 7.55% for Ecuador.
Meanwhile, crab and other crustacean exports fetched 267 million USD and 173 million USD, marking respective rises of 66% and 58% over the same time in 2023. At the same time, in a good scenario, tuna exports may meet this year’s target of 1 billion USD, like in 2022.
