Thai Union Frozen Products would be forced to shift its European shrimp sales to other markets if higher tariffs are imposed on Thai shrimp exports under a revision of the European Union (EU) generalised system of preferences (GSP), its president said.
If the report is ratified -- a process currently underway -- then Thailand would effectively be out of the European market, “given the fact that all our other competing nations remain with GSP,” said Thiraphong Chansiri, president of Thai Union, one of the world’s top five shrimp exporters.
“Well, if it happens, then we will shift our products to other markets,” he told IntraFish.
Charoen Pokphand Foods, the world’s largest shrimp farmer, said it will shift its production to Malaysia and Vietnam if privileges are withdrawn in January of 2014.
Thai Union, however, has “no plan to relocate our operation,” said Chansiri. The Thai government is lobbying on the issue. “Our Ministry of Commerce is working closely with EU authorities to maintain Thailand in the list,” said Chansiri.
Thailand is also thought to be looking to negotiate a free trade agreement with the EU, which would take the tariff down to zero.
The new GSP imposes a tariff of 12 percent to raw shrimp compared to the current 4.2 percent and a 20 percent tariff to cooked and cocktail shrimp up from the current 7 percent.
The lower rate is given to countries categorized by the World Bank as lower middle income, and the bank has shifted Thailand’s status from lower middle income to middle income, as the country’s per capita income exceeds $3,700 (€3,010), the cut-off for GSP eligibility. The EU has granted trade preferences to developing countries through the GSP scheme since 1971.
(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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