But as the financial problems engulfing the eurozone deepen, merchants are finding it more and more difficult to sell fish there and prices for some of these species have fallen considerably.
The price of megrim for example, most of which goes to Spain, has “all but collapsed,” said Paul Trebilcock, chief executive of the Cornish Fish Producers' Organization.
He said 90 percent of his members’ megrim goes to Spain, and while prices had been volatile for the last two years or so they had now “all but collapsed."
Hake was also badly affected, but the fall there has been mitigated to some extent because the UK market has been developed.
“We are now getting somewhere around £2.50 (€3.1/$3.9) to £3 (€3.7/$4.7) per kilogram for hake, which is well down on the prices we used to get, but if we hadn’t developed the UK market prices for hake would be like megs [megrim] -- on the floor, he said.
“The biggest consumers of fish in Europe are countries like Spain, Portugal and Italy, so if we can’t sell fish there then it has to go somewhere else, which means you have a downward pressure on prices in the northern European states as well.”
He added that the uncertainty is a killer. "We need something to happen to resolve things one way or the other so that we can move on.”
Will Clark, chairman of Peterhead and Fraserburgh Fish Processors Association and the Scottish Seafood Association, said Scottish merchants were also experiencing difficulties because of the eurozone’s problems.
He said the euro was now 22 percent weaker against the pound than a year ago, which made exporting fish and seafood more difficult and resulted in fewer sales to countries such as Spain, Portugal, Italy and Greece.
The problems had been offset to some extent by changing patterns of consumption in countries such as Spain.
Shortage of money meant people were eating out less in restaurants, which hit that trade, but were tending to buy more fish from supermarkets to eat at home.
This was helping to hold up prices of species such as monkfish and prawns.
“It’s swings and roundabouts but we are very reliant on exports to the eurozone countries and with all the financial turmoil we are really in uncharted waters,” he told Fishing News.
Clark said markets were “volatile and fragile."
Processors had been forced to use up funds last year when fish prices reached record highs, and now the eurozone crisis and fluctuating fish supplies caused by fishermen having to juggle their days at sea and quota leasing costs to stay viable was adding to the difficulties.
(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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