This led to a sharp rise in tuna raw material prices. But despite the increasing prices, imports of canned tuna into the Eurozone, stricken by the financial crisis, showed growth, - up by more than 20% in value and about 5% in volume.
Concerning canned tuna imports, Ecuador has now become one of the main suppliers in key markets like Germany and the UK. ACP imports are supplying lower amounts - for example in Germany, canned tuna imports from Papua New Guinea declined by over 25%. African countries also supplied lower amounts of canned tuna to the UK market. In France, the main supplier has become Spain, followed at some distance by Côte d'Ivoire and the Seychelles. One of the reasons for the Spanish success was the successful promotion of their high-end canned tuna products in European markets.
The latest FFA Fisheries Trade News also comments on how high raw material prices are impacting on the global tuna sector. High prices for tuna catches have benefited fishing fleets, which have been hard hit in recent years by the high cost of fuel. In the Pacific context, ‘this has also benefited the PNA [Parties to the Nauru Agreement] countries in their negotiations with fishing interests over the value of fishing days under the Vessel Day Scheme'. On the contrary, processors are increasingly concerned about the high cost of tuna raw material, in a context in which many consumers may be reluctant to pay much more for their tuna cans.
On this issue, FFA Fisheries Trade News concludes that ‘the mismatch between processing capacity and resource availability remains a concern in the sector. Such concern is intensifying as new plants come online, investments are promised in the Pacific region, potential processing capacity in emerging economies looms large, and the industry notes that fish from the WCPO [Western and Central Pacific Ocean] is at times transported to the Eastern Pacific to stave off supply shortages in the Latin American processing facilities'.
(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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