The growth was seen in exports to 5 single markets in the block (Germany, Belgium, France, the U.K and the Netherlands). European buyers are cautious about importing shrimp to wait for the cooling down in shrimp price; however, the region is still a potential market for Vietnam shrimp exporters in 2014.
Rising shrimp demand thanks to economic recovery
In the second half of 2013, shrimp demand from EU has been improved after more than one year of deep decline due to regional economic recession. Vietnam shrimp exports to the market in the period started to increase to US$409.47 million, up 31.3 percent year on year.
Since QII/2013, European economy has escaped from economic distress with the growth in major economies of Germany and France. Although difficulties remain, EU’s recovery is expected to gather momentum in 2014, economists analysed.
In QI/2014, Germany, Belgium, France, the U.K and the Netherlands took the lead in the block in importing shrimp from Vietnam, making up 83.5 percent of Vietnam’s total shrimp exports to EU. Exports to Germany up 93.7 percent, Belgium up 197.4 percent and France up 125.6 percent in the quarter.
Between January and February 2014, shrimp imports into some major markets of EU showed positive growth. In the period, shrimp imports into France (EU’s leading importer of frozen shrimp) reached US$123.4 million, up 35.2 percent year on year, in which shrimp imports from Vietnam up 143.8 percent.
In 2014, EU will be an attractive destination for Vietnam shrimp exporters because exports to other major markets (the U.S. and Japan) may see instability. The expected growth in shrimp exports to EU this year is boosted by regional economic recovery; increase in Vietnam’s raw shrimp supply, especially whiteleg shrimp which is increasingly favored in EU market.
(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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