Low Market Prices
The market price of tilapia has changed drastically over the past few years. In 2009, the market price of 500-g live tilapia from farmers dropped to only 7 yuan/kg (U.S. $0.16/kg). In response, many tilapia farmers began to stock carp or other species instead of tilapia. The culture area in Guangdong, Guangxi, Hainan and Fujian Provinces also declined.
In early 2011, market prices reached 10 yuan/kg, but the situation was still marginal for farmers. Among the tilapia farms visited just after the first harvest, a small number were considering restocking with another species. In 2011, integrated farms were more resilient, with profits from pigs compensating to some extent for the loss from tilapia. But for farmers raising tilapia as stand-alone enterprises, an estimated 50% suffered a loss.
Escalating Costs
Costs for labor, feed, chemicals and infrastructure have greatly increased in recent years. Labor rates have escalated by at least 50% over the last three years. Other key input prices have also increased substantially (see Table 1). With the high costs and low market prices, many farmers are losing their confidence in tilapia farming.
Processors in China have taken a double hit in recent years. Just as the cost of labor has increased dramatically, currency exchange rates have also inflicted pressure. The value of China’s yuan renminbi increased to the U.S. dollar by nearly 7% from 2009 to 2011.
(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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