Accordingly, shrimp exports in March reached nearly 276 million USD, cumulative shrimp exports in the first quarter of 2024 reached more than 690 million USD, an increase of 15% over the same period last year. While pangasius exports in March earned 168 million USD, in the first quarter overall it reached nearly 424 million USD, up 0.4% over the same period. Notably, tuna exports in March increased by 24.5% to more than 89 million USD, bringing tuna export turnover in the first quarter to more than 220 million USD, up 22.2% over the same period in 2023. Crab exports, Crabs and other crustaceans achieved high growth of nearly 60% in the first quarter, reaching more than 47 million USD.
Ms. Le Hang, Vasep Communications Director, said that in terms of markets, the US, Japan and China are the three largest import markets of Vietnamese seafood; Of which, exports to the US had a much stronger breakthrough, with a growth rate of 16% reaching 330 million USD; Exports to Japan were equivalent to the same period, while exports to China increased by 15%.
Specifically, seafood exports to the US in March still increased by 10% over the same period, while exports to other markets decreased, showing that the recovery ability of this market is increasingly clear. In particular, shrimp exports to the US in the first quarter increased by 15%; Exports of tuna, pangasius and crab to this market all increased sharply from 13 to 53%. The average price of pangasius exported to the US is recovering from the low point at the end of last year. Whiteleg shrimp prices also recovered slightly compared to the end of 2023, but were still low compared to the average price over the past 5 years.
According to Ms. Le Hang, the US Department of Commerce (DOC) recently announced the final results for the 19th anti-dumping tax review (POR19) on frozen pangasius fillets exported from Vietnam. exported to the US during the period from August 1, 2021 to July 31, 2022. The final tax rate for POR 19 has been set at $0.18/kg for the five companies. This result is significantly lower than previous reviews. Also in March, DOC announced preliminary anti-subsidy taxes on Vietnamese, Indian and Ecuadorian shrimp, according to which Vietnam’s overall tax rate is significantly lower than the other two countries.
Seafood exports to China in March decreased by 11% over the same period last year, mainly due to a decrease in pangasius and other marine fish, while shrimp exports to this market still increased by over 30%. Pangasius, white-legged shrimp, lobster, anchovies and crab are the five Vietnamese seafood species most exported to China. In particular, lobster and crab exports to this market made a strong breakthrough in the first quarter of this year, of which lobster increased 11 times and crab increased 7 times compared to the same period in 2023. China is tightening inspection shrimp imported from Ecuador, causing supply from this country to decrease, creating space for Vietnamese whiteleg shrimp. In the first quarter, Vietnamese whiteleg shrimp exports to China increased 2.5 times over the same period.
Shrimp and crab export turnover to Japan also has positive signs; Of which, whiteleg shrimp exports to Japan increased by 20%, crab exports increased by 23%. In addition, Vietnamese pangasius is increasingly popular in Japan. In the first quarter of 2024, pangasius exports to this market increased by 25%. Japan also targets the Vietnamese market to process seafood products such as salmon, scads, saba fish… Recently, Japan is actively looking for partners to process scallops for this market. after China – Japan’s important scallop processing partner – banned seafood imports from Japan.
In contrast, the EU and Korean markets have not yet shown clear signs of recovery with Vietnamese shrimp and pangasius, but tuna exports to these markets are growing well, up 27% in the EU and the EU respectively. 15% with Korea. In the first quarter of 2024, the average export price of aquatic products generally increased compared to the end of 2023, but remained at a low level. Businesses expect that after the International Seafood Fairs in the US, EU, and Japan, orders will improve and export prices will gradually improve.
Experts say that the seafood export market does not necessarily still have challenges, barriers and competitive pressures with other countries, the EU market’s IUU yellow card issue, anti-subsidy taxes in the US, and tensions. Red Sea Strait and trade conflicts lead to more competition in the US and China… Therefore, Vietnamese businesses need to be ready to face challenges, overcome barriers, but also need to be proactive. Looking for customers from international seafood fairs and exhibitions in the US, Europe, Japan, and Korea to recover and make a breakthrough sooner.
With Ecuadorian and Indian shrimp being warned about antibiotics and labor issues, there may be new opportunities for Vietnamese seafood. However, the problems that the Indian shrimp industry is facing such as labor, environment, and antibiotics are also lessons for Vietnamese businesses to be cautious and seriously comply with the regulations of the import market. as well as domestic regulations to avoid barriers and protectionist moves in the market.
According to Xuan Anh
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