The price increases are partly because it is currently off-season, and the market is suffering from high demand due to an influx of visitors, which has resulted in weakened supplies,” said Ghasam Al-Jizani, a vendor at the Jeddah fish market.
Another reason prices had increased, he explained, was the Kingdom having to import large quantities of shrimps from India, Thailand, Yemen and the Philippines to meet demand, reports ArabNews. Due to the higher prices in Jeddah, where most seafood markets in neighboring cities such as Makkah stock their inventories, the chain reaction has been felt in even higher prices.
“We have been hearing of complaints concerning higher prices, but we have explained that we have no choice, since wholesale prices in Jeddah are already high, and we must be able to turn a profit,” Tariq Gong, an employee at a seafood market in Makkah, stated.
Nonetheless, some say that a weak supply is not the main reason for the price increase; instead, it is due to vendors and owners of seafood restaurants taking advantage of the tourist season. “I usually like to take my family to Thuwal to visit one of the outdoor seafood restaurants, where my children can play and we enjoy a nice fish dinner,” Abdullah Al-Qurashi said. He added that despite Thuwal having its own fishing industry and seafood market, he noticed the prices had recently been increased four times to what they currently are in Jeddah.
Arab News investigated this claim and found that hamour is currently priced at SR22 a kilo in Jeddah, while restaurants such as those in Thuwal are charging up to SR90 a kilo for the same fish.
Upon inquiring about astronomical price increases, the owner of an outdoor seafood restaurant in Thuwal who wished to remain anonymous told Arab News, “This is a tourist spot, which includes extra services that have to be included in the price of the meal.”
(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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