As the main supplying countries continuously cut their quotas which results in a drop in production, the price of cold-water shrimp is increasing. Sales of warmwater shrimp in British supermarkets and retail channels continued to increase while sales of coldwater shrimp decreased. The value and volume of warm water shrimp products sold in the UK for household consumption has increased continuously over the past 3 years. Shrimp sales in 52 weeks ended on October 6, 2018, reaching 31.418 MTs, worth £446.4 million (equivalent to US$571.6 million).
The UK is the third largest importer of shrimp products in the EU after Spain and France. Unlike Spain (importing medium-sized shrimp for domestic consumption and export processing to intra-regional countries), the UK imports mainly shrimp for domestic consumption. In the last 4 years, the UK has been a considerable market of many Vietnamese shrimp exporting enterprises.
In the EU, the UK is the largest shrimp import market of Vietnam, accounting for nearly 36% of total shrimp exports of Vietnam to the EU and accounting for 6.8% of total Vietnam shrimp exports to all markets. In 2017, Vietnam shrimp export to the UK reached US$210.6 million, increasing by 55.5% compared to 2016. Accumulated to November 15, 2018, Vietnam shrimp export to the UK reached US$212.1 million, up by 16.4% over the same period last year.
From 2014 till now, the UK has always been in the top 2 positions in Vietnamese shrimp import markets. From 2014 to 2017, Vietnam shrimp exports to the UK continued to grow from US$114.6 million in 2014 to US$210.6 million in 2017, an increase of nearly 84%. As of November 15 this year, exporting Vietnam shrimp to the UK has reached US$212.1 million, higher than the export value of Vietnam shrimp to the UK in the whole year of 2017 (US$212.1 million).
Vietnam is the largest shrimp supply for the UK, accounting for 26.3% of total value of British shrimp imports, followed by India with 15.5%.
The UK is a remarkable market of Vietnamese shrimp exporters in the EU because exporting enterprises to this market are entitled to GSP tax incentives, similar to the general provisions in exporting to the EU. Processed shrimp products originating from Vietnam in the UK market have a higher advantage in price and quality compared to those of India and Bangladesh.
Because the UK is a highly competitive market from rival suppliers, businesses need to understand the market to make products suitable to consumers' tastes here. In order to succeed in the UK market, businesses need to provide products with good prices with consistent supplies and the ability to improve product development to keep up the tastes of people.
(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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