Photo: VASEP/FIS

Vietnamese crab exports continue to grow

VIET NAM
Wednesday, July 03, 2024, 07:00 (GMT + 9)

According to statistics from Vietnam Customs, Vietnam's crab exports have grown continuously since the beginning of 2024. In May 2024 alone, the export value increased by 62% over the same period in 2023, reaching 22 million USD. In the first 5 months of the year, the cumulative export turnover reached more than 97 million USD, an increase of 76%.

China and Hong Kong are still the largest import markets for crabs and other crustaceans from Vietnam, accounting for 42% of total export turnover. Export value to this market is increasing rapidly at a three-digit rate compared to the same period, however, the growth rate is slowing down. In May 2024 alone, crab and other crustacean exports to this market increased by 418% over the same period, reaching nearly 11 million USD. In the first 5 months of the year, exports to this market reached more than 41 million USD, an increase of 502%.

Meanwhile, exports to Japan have been on a continuous downward trend in the past 2 months. The export value of crabs and other crustaceans to Japan in May 2024 decreased by 9% over the same period, reaching more than 6 million USD. However, thanks to the growth in the first quarter, exports to this market in the first 5 months of the year still increased by 7%, reaching nearly 29 million USD.

Exports to the US and Canada are also growing well, with increases of 32% and 54% respectively.

On the contrary, exports to EU countries are not very promising. The value of crab exports to the EU decreased by 58% compared to the same period. The European Commission's continued "yellow card" warning for Vietnam's seafood industry is affecting seafood exports to this market.

Author/Source: Nguyen Ha/VASEP (translated from original in Vietnamese)

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