Seafood exports to US surge 22% in 9 months
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Vietnam’s seafood exports to the U.S. rose 22% year-on-year to $1.8 billion in the first nine months as Americans remain the biggest buyers of Vietnamese seafood.
Exports to China surged 76% to $1.35 billion, while to the EU the value went up 41% to $1 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
In total Vietnam’s seafood exports reached $8.5 billion in the first nine months, up 38% year-on-year.
Shrimp exports rose 23% to nearly $3.4 billion, and pangasius fish went up 82% to $2 billion.
Exports of pangasius fish in September alone nearly doubled year-on-year as inflation pressure urged consumers to tighten their spending and buy more of the affordable protein.
VASEP forecast that Vietnam’s $10 billion exports target for this year will be achievable.
China is expected to be a key market for the remaining months as consumption demand is rising while its geographical proximity with Vietnam is an advantage amid rising transportation costs worldwide.
Questions & Answers
Q.What was the total value of Vietnam's seafood exports in the first nine months of the year?
What was the total value of Vietnam's seafood exports in the first nine months of the year?
Vietnam's total seafood exports reached $8.5 billion in the first nine months. This figure represents a 38% increase compared to the same period in the previous year, highlighting significant growth in the sector.
Q.Which seafood products saw the most significant export growth during this period?
Which seafood products saw the most significant export growth during this period?
Pangasius fish exports increased significantly, rising 82% to $2 billion. Shrimp exports also performed well, going up 23% to nearly $3.4 billion, contributing substantially to the overall export value.
Q.Why is China expected to be a crucial market for Vietnam's seafood exports in the coming months?
Why is China expected to be a crucial market for Vietnam's seafood exports in the coming months?
China is anticipated to be a key market due to rising consumption demand. Its geographical proximity to Vietnam also offers an advantage, helping to mitigate the impact of increasing global transportation costs for exporters.
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