The growth rate of seafood export of 13% to the UK market in 2020 will surely change in a positive direction in 2021, when UKVFTA has officially come into effect.
From the beginning of 2020, when the UK officially left the EU, seafood exports to this market had many positive signals, while exports to the EU27 markets declined due to the impact of Covid-19.
In 2020, Vietnam's seafood exports to the UK has reached about $355 million, of which shrimp, pangasius, crabs and marine fish got high growths in exports. Processed pangasius products grew well with exports value 15 times higher than that of 2019.
The factor that businesses expect is that the UK import tax policy will not change compared to the EU tariff. In addition, UK seafood import demand is forecasted to remain stable and possibly increase for farmed seafood products. This is a good opportunity for Vietnam's seafood industry.
With UKVFTA, Vietnam's seafood exports to the UK continue to enjoy preferences based on the continuation of the Vietnam - EU Free Trade Agreement (EVFTA). For the tariff lines that the EU has committed to Vietnam in the quota system with import duties in the quota of 0%, the UK gives Vietnam the quota for these items based on the actual bilateral trade statistic between Vietnam and the UK in the period 2014 - 2016.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
(seafood.vasep.com.vn) Sao Ta Food Joint Stock Company (FIMEX VN) has just announced that in March 2024, finished shrimp output reached 2,000 tons and finished shrimp consumption reached 1,693 tons, an increase of 74%, and 42% over the same period in 2023, respectively.
(seafood.vasep.com.vn) In February 2024, Vietnam pangasius exports to China and Hong Kong decreased by 65% compared to February 2023, reaching 23 million USD.
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