On the supplying side, China, Thailand, Vietnam, Malaysia and Mexico continued struggling under production problems while suppliers in India, Indonesia and Ecuador stepped up production to take advantage of the high prices.
The United States is poised to import more shrimp than ever before this year, thanks to steady macroeconomic recovery and a high US dollar, Rabobank said.
The record is likely to hit for both value and volume of imports, with Rabobank seeing a “stronger recovery than even the most optimistic forecasts” during the first three quarters of the year, Rabobank said.
In value terms, the year-to-date US import value record was largely due to prices, although volume certainly played a part as well, considering import volumes are also on track for a record in 2014. The total value of imports reached $4.8 billion during the first three quarters of the year.
In terms of volume, the US is poised to import roughly 405,000 metric tons this year, slightly surpassing the record set in 2011.
Rabobank attributes better than expected US and EU markets partly to the record high beef prices, which were up due to a 7% supply contraction. This may have softened any impact on demand as shrimp prices remained strong.
In Europe, the volumes are not nearly as strong as they are in the US this year from a historic perspective, as the continent appears on track to hit about 300,000 metric tons of imports this year, which is down compared to its record of over 325,000 metric tons in 2011.
Yet the EU did set a record during the first half of the year in terms of the total value of shrimp imports, according to statistics from Eurostat.
Midway through the year, EU imports were rebounding but from a low level seen in 2013, when high shrimp prices weighed heavily on demand and sellers found it difficult to draw in consumers with promotions.
Both of these markets were better able to stomach the increased shrimp prices than that of Japan, where imports of shrimp declined 20% this year over last year after a 3% decline in 2013 over 2012.
To read the full articles, please visit the website: http://www.undercurrentnews.com/2014/12/17/rabobank-major-shrimp-markets-surprisingly-strong-in-2014/
(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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