Data from International Trade Center (ITC) revealed that in QI/2015, China increase imports seafood coded HS03 by 10% compared to QI/ 2014. however, it was 14% lower than QIV/2014. Frozen, whole fish (HS0303) occupied the largest share in seafood import structure with 27.5%.
In QI/2015, Vietnam was the only pangasius supplier to China. Pangasius imports surged by 50% compared to QI/2014. It is expected that many opportunities are reserved for pangasius exporters. Nonetheless, it is a potential market which grows when other falls, not a sustainable one.
In recent years, China has focused on aquaculture. Farming in 11 key provinces including Jiangxi, Guangxi, Hubei, Liaoning, Jiangsu, Zhejiang, Fujian, Guangdong, Shandong, Anhui and Hunan represents 90% of aquaculture production. These provinces are coastal areas or located along the river with unique aquatic species. Cheap freshwater aquaculture production can only fulfill demand in small provinces. The market needs more seafood products, including pangasius.
There are 3 reasons for the surge in Vietnam pangasius exports to China in H1/2015. Firstly, as demand in major importing market such as the US, EU, ASEAN, Mexico, Brazil reduce, market diversity is a must and China is a new and potential one. Secondly beside consumption, China imported pangasius to process and export to the US. Thirdly, to sustainably develop domestic seafood industry, Chinese government offered a new credit package of 20 billion Yuan beside other policies to encourage imports.
Despite being a potential market for pangasius from Vietnam, most trading activities are cross-border. Just over 10% of the imported products were for restaurants, mostly for other domestic consumption and processing. Quality is not highly required, which is not good for reputation of exported pangasius and other seafood. This causes risks of price, payment, quality requirements and therefore, China not a stable market. But still, it is a a potential alternative market while demand major markets decline.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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