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Fisheries Industry - Prospects of Major Markets

• The export value in the first two months of the year has increased by 28% YoY, with the export value of Pangasius rising by 8% YoY and shrimp increasing by 28% YoY. The increase in export value is primarily due to an 18% YoY increase in Pangasius volume and a 32% YoY increase in shrimp volume, while prices continue to decrease by 9% YoY and 3% YoY, respectively.
• The Pangasius industry in 2024 is expected to see growth in export volume in the US and China markets, while the EU market will remain stable compared to the previous year. Price increases in major markets are expected to be challenging compared to the period year due to high price competition and abundant supply of Tilapia and Pollock.
• The shrimp industry in 2024 is expected to see growth in both export volume and price recovery in the Japanese market as its low base and increasing wages in Japan. For the US, China, and EU 28 markets, competition with raw shrimp from Ecuador and India remains high, so we expect export volume to increase due to economic recovery while prices may not rise due to abundant shrimp supply.