Accumulated in the first 6 months of 2022, Vietnam tuna exports to this market reached nearly 3 million USD, up 203% over the same period.
According to statistics of Vietnam Customs, Vietnam's tuna exports to France increased over the same period. In which, the largest increase was in the group of processed and canned tuna products. Frozen tuna meat/loin with HS code 0304 is still the main export product group to this market, accounting for 63% of the total export value.
Vietnam is currently the 14th largest tuna supplier to the French market among non-EU suppliers. This year, French tuna imports have recovered and France tends to increase tuna imports from Asian countries other than Vietnam, such as the Philippines by 442%, Indonesia by 42%.
In the first few months of 2022, due to the good tuna catch of France and Spain, it is enough to supply tuna to the processors of this country and EU countries. Therefore, France tends to increase imports of frozen cooked tuna meat/loin, and imports of frozen whole tuna products decrease.
Along with that, the reopening of EU countries in the tourism industry also increases the demand for importing high-value fresh and frozen tuna. At the same time, the increased import demand for large canned tuna products for food service chains, restaurants, etc. has helped restore tuna imports in H1/2022.
However, as for the depreciation of the euro, countries are concerned about the possibility that Russia could cut off natural gas supplies to Europe and plunge the region into recession at any time. This will affect the entire economy, including the tuna fishing and processing industries of EU countries.
Although, on July 21, 2022, the European Central Bank (ECB) decided to raise interest rates by 50 basis points. However, according to the Reuters news agency, this 50 basis point increase by the ECB is still not strong enough compared to other central banks in the world, especially the US Federal Reserve, which raised interest rates to 75 basis points last month and there is likely to be another base rate hike this month.
High-priced raw materials are reducing the purchasing power of countries. However, raising interest rates, which increase the cost of borrowing during a recession, could increase difficulties for businesses and households. Specifically, tuna businesses in the EU are importing tuna in USD, so the depreciation of the euro makes tuna more expensive than ever. At the same time, a strong dollar can make final products imported into the EU more expensive and this will hold back demand.
Compiled by My Hanh
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
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