Fisheries exports grow by 6% in H1
In this article (5)
Vietnam’s fisheries exports in the first half of 2024 were worth US$4.4 billion, up 6% year-on-year on higher demand in major markets like the U.S., China and the EU.
Key items such as shrimp, pangasius and tuna did well, the Vietnam Association of Seafood Exporters and Producers said in its latest report.
Pangasius accounted for $918 million and tuna for $472 million, up 5% and 23%. Shrimp fetched $1.6 billion, a 6% increase, while exports of other crustaceans jumped by 75% to $125 million.
The U.S. and EU imported 18% and 56% more tuna. Shrimp exports to China and the EU rose by 17% and 13%.
Top shrimp exporter Minh Phu said profits for the first half were VND7.2 billion (US$284,000) as against a loss of VND98 billion in the same period last year.
Its CEO, Le Van Quang, said the company has been receiving more orders than last year and is planning to boost exports to China, Japan, South Korea, Australia, and New Zealand.
Businesses are optimistic that seafood exports, especially of green and sustainable products, will grow even more in the coming months.
But the seafood association said some challenges remain, such as fierce competition from Ecuador and India, rising transport costs and a shortage of raw materials for processing.
Questions & Answers
Q.Which seafood products saw the most significant growth in exports during the first half of 2024?
Which seafood products saw the most significant growth in exports during the first half of 2024?
Exports of other crustaceans jumped by 75% to $125 million. Tuna exports also saw strong growth, increasing by 23% to $472 million.
Q.What were the main reasons for the overall increase in fisheries exports?
What were the main reasons for the overall increase in fisheries exports?
The increase was primarily due to higher demand in major markets such as the U.S., China, and the EU. This boosted exports of key items like shrimp, pangasius, and tuna.
Q.What challenges do businesses anticipate for future seafood exports?
What challenges do businesses anticipate for future seafood exports?
The seafood association highlighted several ongoing challenges, including fierce competition from Ecuador and India. Rising transport costs and a shortage of raw materials for processing are also concerns.
Q.How did top shrimp exporter Minh Phu perform in the first half of the year compared to last year?
How did top shrimp exporter Minh Phu perform in the first half of the year compared to last year?
Minh Phu reported profits of VND7.2 billion ($284,000) for the first half of the year. This contrasts with a loss of VND98 billion during the same period last year.
Reader pulse
Is Vietnamese seafood poised for continued growth?
21,744 votes so far