Ecuador managed to renew its Generalized System of Preferences (GSP Plus) agreement with the European Union recently, but with an expiry date of December 31st this year. The deal allows for tuna products, as well as around 1,000 other goods to be exported to the EU with zero percent import duty.
Francisco Rivadeneira, Ecuador’s Minister for Foreign Trade, said that there is optimism that the country will sign the agreement in the first quarter of this year.
He stated that this is a priority for the export sector, processed tuna being a very important export for the country.
Exporters are hoping for the extended agreement to be signed before April so that negotiations do not run into 2015, leaving a gap where shipped tuna products would be subject to duty tariff.
Executive Director of the Ecuadorian Business Committee, Roberto Aspiazu, said that in the case of the country not reaching a trade agreement, exported tuna products to the EU will be subject to 24 percent import duty. He said this will eat away the profit of the exporting sector and would create massive losses in the market.
Ecuador is the world’s second largest exporting nation of tuna products after Thailand. Following Spain, it exports the highest amount of canned tuna to the EU.
In 2012, Ecuador shipped more than eight million cartons (48x185g) of canned tuna to the community, and over 34,000 tons of pre-cooked loins.
(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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