However, thanks to the positive growth in the first months of the year, the export of cephalopod to this market in the first 9 months of this year still increased by 7.8% to US$ 35.6 million.
Consumption of cephalopod in China is increasing thanks to the fact that local people are look for healthy alternatives like seafood. The middle class and the increasing number of tourists also increase the consumption of cephalopod at restaurants. Besides, stable yuan currency also helps to stimulate the demand of Chinese importers.
Vietnam is the sixth largest cephalopod exporter to China and the fourth largest exporter of fresh and frozen squid (HS code 030741) to this market after Korea, Japan and Indonesia.
Among 4 supliers of the fresh and frozen squid products to China, only Vietnam and Indonesia enjoy a tax rate of 0%, while the other 2 countries have a tax rate of up to 6%. Meanwhile, Vietnam ranked the 23rd in exporting frozen squid (HS code 030749) to China, although the tax rate of Vietnam when exporting this product to China is only equal to 0%.
Vietnam is the 3rd largest country exporting frozen octopus (HS 030759) to China after Japan and Mauritania.
The US trade war with China had made the import tax imposed on American cephalopod products on the Chinese market increased, creating opportunities for cephalopod products of the same type for some main suppliers – including Vietnam.
It is forecasted that export of Vietnamese cephalopod to China in the last months of this year will grow positively as China reduces imports from the US (China accounts for more than 50% of the total US squid exports) and demands for cephalopod China often increases strongly in the last months of the year when the weather is cold, as Chinese consumers often eat hot pot with squid or octopus.
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
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