Seafood Industry – Exports in October 2024 experienced strong growth
• In October 2024, the pangasius sector saw robust growth of 18%, reaching $201 million in export value, driven by a 22% increase in production, though the average selling price remained 3% lower YoY. Export volumes increased significantly, supported by strong growth in the U.S. and Chinese markets, which rose by 63% and 26% YoY, respectively. Overall, the industry's selling price decreased slightly by 3% YoY, thanks to a price recovery in the Chinese and EU markets.• VHC showed positive growth, with its export value surging by an impressive 79% YoY in October 2024, exceeding expectations. In contrast, ANV underperformed as its export value remained below the same period last year due to a lack of production volume at a low base. However, VHC's gross margin is expected to face challenges in increasing QoQ as raw fish prices trend upward and selling prices remain constrained by declining demand post-festive season.
• The shrimp sector posted strong growth of 24% in October 2024, primarily driven by a sharp increase in other shrimp categories (e.g., lobster), while vannamei shrimp rose modestly by 14% YoY, and black tiger shrimp declined by 2% YoY. The robust growth of vannamei shrimp was mainly due to a 17% increase in production, even though selling prices remained 3% lower YoY.
• FMC’s gross margin is likely to struggle to improve QoQ in Q4/2024 as raw vannamei shrimp prices continue to rise month by month and are currently 19% higher YoY, while selling prices have yet to see growth. Additionally, negotiating higher prices with buyers has been challenging due to reduced stockpiling demand for the festive season and intense competition among exporting countries.
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