The Middle East includes 16 countries (Saudi Arabia, Bahrain, Qatar, Kuwait, Jordan, Iran, Iraq, Israel, Lebanon, Oman, Palestine, Turkey, UAE, Syria, Yemen and Egypt). With a surface of 7 million square meters, the region is home to 380 million of people and possesses various natural resources. It is a high-demand market for imported products, some of which are listed as key export items of Vietnam. Therefore, Vietnamese companies will have opportunities to boost trade with Middle East.
According to Vietnamese Ministry of Industry and Trade, in 2012, Vietnam seafood exports to Middle East reached over US$4 billion, of which seafood products brought back US$193 million. Referring to statistics from Vietnamese Customs, pangasius sales to this destination was around US$185.9 million, representing 63 percent of total earnings from seafood exports. Saudi Arabia was the leading importer in the region, followed by Egypt. Only 5 out of 16 countries reported an annual import value of over US$10 million.
Middle East countries’ typical weather conditions are not appropriate to produce agricultural products, including seafood; therefore, they have a very high demand for shrimp, pangasius, canned tuna, sardine, canned mackerel and dried fish products.
According to International Trade Centre (ITC), in 2011 fish imports (HS03) into some Middle East countries got higher growth than that recorded in 2010. Saudi Arabia purchased US$310.1 million of seafood products, up 33 percent; Palestine with US$11.3 million, up 50 percent; Iran with US$75.8, up 31 percent... Middle East’s fish imports decreased due to current civil war in some countries, which made foreign exporters hesitant to send products to these markets.
Vietnamese seafood and, in particular, pangasius products have initially had position and prestige in the Middle East markets. Exports to some countries reported year-on-year growth.
Vietnam was listed in the top five suppliers, in the frozen fish fillet segment, in some Middle East countries. It ranked the fourth in Israel with an export value of US$13.2 million in 2012, up 95 percent over that of 2011. Over the years, Vietnam was Lebanon’s leading partner with a proportion of 75 percent in the country’ total pangasius purchase. In 2012, Vietnam sold US$10.8 million of fish products to this destination, down 17.8 percent on that of 2011. In Turkey, Vietnam ranked the third among frozen fish fillet suppliers within the four recent years. In 2012, exports to this country reached US$5.3 million, up 14% from 2011. It is important to note that Vietnam’s shares in Turkey’s frozen fish fillet segment increased considerably from 2 percent in 2008 to 20 percent in 2012.
(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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