However, fishermen and suppliers should be careful to keep minimum prices for fresh landings relatively low this year, to avoid a steep drop as volumes increase in 2013, an industry representative said.
As Norwegian industry parties meet to negotiate fresh landing prices in September, it is important that indications are given to the market that there will not be any price increases this autumn, only to be followed by a drop next year, said Geir Ystmark, director at the Norwegian Seafood Federation (FHL).
Such a scenario could make buyers hesitant, Ystmark said.
The 2012 cod season started in late 2011, resulting in high volumes on the market already by January. If the same happens for the 2013 season, pressure could increase on prices, Ystmark said.
According to him, the biggest challenge facing the industry will be to keep prices even across all cod markets.
If the minimum price becomes too high this autumn, it will no longer be profitable to produce fillets. This would in turn increase volumes of products such as salted fish and klippfish (bacalao), depressing prices for those markets.
“The market is marked by economic uncertainty and high availability. It’s therefore important that we spread exports across many different markets,” he said.
One question has been whether Norway should introduce the ‘quota bank’ arrangement it uses for herring catches to cod, so that vessels could take up to 10 percent of next year’s quota already this year. On this front Ystmark commented that provisions have been made to stimulate more cod fishing during the autumn through a by-catch arrangement and a fresh fish scheme.
He kept a good outlook for next year. “Norwegian fishermen have seen that there a good supply of fish and higher quotas compensate for lower prices." If the industry plays its cards well, it will be able to build up its markets to absorb the higher quotas, he said.
(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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