In April-June, the production is likely to slow in tandem with exports. Food exports in particular are forecast to drop 2.3 percent valued at nearly Bt250 billion, said NFI Director Petch Chinnabutr. Exports of rice, frozen shrimp, processed tuna and processed fruit and vegetable are projected to decrease.
Food exports are likely to continue slowing into the third quarter, but will rebound in the fourth quarter. Overall in 2012, food exports are projected to drop in quantity but prices will tend to rise, so that Thai food export value is likely to surpass one trillion baht, an increase of 5.1 percent.
Risk factors that should be monitored are global energy costs, effects from the minimum wage rise and higher prices of raw materials for agricultural production.
Regarding the increase of the daily minimum wage in April, most entrepreneurs experienced higher production costs but 75.9 percent of those still capped the prices while 20.3 per cent will increase prices, and another 38 percent may raise their prices in the next three months.
The Thai food production industry in the first quarter of this year dropped 1.6 percent, resulting from global economic slowdown, particularly in major Thai food importing countries such as the US and the European Union.
Fish, vegetables and fruit-processing industries produced less and the dairy industry shrank 43.3 percent as it has not yet recovered from last year’s severe flood impacts.
Food exports in the first quarter of this year rose 5.3 percent, worth Bt234 billion. Exports of sugar, chicken, poultry meat, tapioca powder and seasoning rose.
Export values were up due to rises in goods prices. However, exports of rice, shrimp, tuna, vegetable, processed fruit fell.
(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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