Seafood exports projected to exceed USD 8.8 billion

Seafood exports rebounded sharply in November and continued their upward trend in December, bringing total exports up against the previous year's level.

Seafood exports for the whole year are expected to reach more than USD 8.8 billion. Photo: TL.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the country's seafood exports exceeded USD 910 million in November, increasing 23% over the same time the previous year.

Exports of all major force seafood products increased significantly in November compared to the same time last year. Exports of shrimp climbed by 16 %, pangasius by 31%, tuna by 51%, squid and octopus by 37%, crabs by 59%, and other fishes by 14%.

Regarding the market, the EU was the most significantly revived market for seafood exports in November, gaining 65 % year on year to USD 105 million. Whereas shrimp exports surged by 86%, other seafood exports such as tuna, octopus, and bivalve molluscs climbed by 32-74%.

In November, seafood shipments to the US market were USD 198 million, up 37% over the same period. In November 2021, pangasius exports climbed by 58 %, shrimp exports increased by 24 %, tuna exports increased by 48 %, and other items increased by 11-157 %.

After a three-month consecutive decline, seafood exports to China modestly rebounded in November, increasing roughly 3% year on year to USD 135 million.  Which saw a 116 % rise in squid and octopus exports and a 17.4% increase in pangasius exports.

By the end of November, seafood exports had surpassed USD 8 billion, an increase of 4% year over year. Shrimp exports were USD 3.56 billion, up 3.4 %; pangasius exports totaled USD 1.4 billion, up 3.3 %; tuna exports totaled USD 672 million, up 13%; and squid and octopus exports totaled USD 543 million, up 7.4 %.

By the end of November 2021, seafood exports to the CPTPP market exceeded nearly USD 2 billion; seafood exports to the US surpassed nearly USD 1.9 billion; seafood exports to China reached nearly USD 1 billion, and seafood exports to the EU exceeded USD 967 million.

VASEP expects that seafood exports will continue their recovery in December, reaching over USD 800 million, increasing the year's total to over USD 8.8 billion, up 5% year on year.