For the Barents Sea, the world’s largest cod fishery, the International Council for Exploration of the Sea (ICES) has recommended a 25 percent hike in the 2013 quota, which would take the total cod catch up to a record high of 940,000 metric tons, compared with 740,000 metric tons in 2012.
Cod supplies from Iceland are also set to increase in line with a much-improved spawning stock. The country’s Marine Research Institute (MRI) has recommended that the government increase the quota for the year starting 1 September, 2012, to 196,000 metric tons, an 22.5 percent increase from the current season.
The MRI has further suggested that Iceland’s quota could reach 250,000 metric tons by 2016.
Also moving in the right direction, ICES has said North Sea cod stocks are now at their healthiest level in 14 years, doubling in the last six years. While fishing opportunities in the North Sea recovery zone could yet reduce further, the industry remains optimistic that the positive turnaround points to larger quotas in the future.
The proposed catch increases are certainly a well-deserved pat on the back for fisheries management, but exporters are fearful of the effects that the significantly greater supply will have on prices and subsequently their bottom lines. And their worries are not without reason: the current price of H&G cod in China stands at about USD 3,100 (EUR 2,542) per metric ton, whereas 18 months ago it was USD 5,500 (EUR 4,510).
John Rutherford, director of the Frozen at Sea Fillets Association (FASFA), which represents trawler owners and distributors of frozen-at-sea (FAS) fish from Norway, Iceland, Faroe Islands, Spain, Russia, Greenland and the United Kingdom, believes that if cod prices continue to fall it’s plausible some of the quota will remain uncaught in the sea.
“The economics have to work both for the catchers and for the consumers,” he said. “Some companies will take full advantage of the quota but I can see others saying, ‘Why should we work harder for no more money?’ There must be a floor in the price, below which the catchers simply won’t go to sea.”
In Norway, the 8 percent increase in the Barents Sea cod quota for the current season has contributed to a decrease in the export value of the country’s groundfish for the first-half of 2012. According to the Norwegian Seafood Council (NSC), groundfish exports totaled NOK 5.1 billion (EUR 685.9 million, USD 837 million) for the six-month period, representing a NOK 356 million (EUR 47.9 million, USD 58.4 million) drop, or 7 percent compared to the first half of 2011.
(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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