Exports to major markets decline but growth was witnessed in ASEAN markets. Processed tuna made up 50% of total tuna exports, up from 38% of the same period last year.
Exports of most tuna products reduced, including tuna live / fresh / frozen / dried which decreased by 46%. Canned tuna exports fell by 3% and tuna loins downed by 13%. Exports of other processed tuna products grew strongly by 36%.
The US, EU, ASEAN, Japan, Israel, Libya, South Korea and Taiwan were top 8 importing markets, accounting for 81% of total tuna exports from Vietnam. Among these, ASEAN was the only market that found increase in tuna imports from Vietnam.
Vietnam's tuna exports decreased due to lower tuna price, the depreciation of the euro, reduced market demand and competition.
From a high of US$ 2,400/MT in October 2012, skipjack price in Bangkok plummeted by 58% to US$ 1,000/MT. Harvest in Central Western Pacific increased also making prices lower. Lower fish prices coupled with supply surplus resulted in a reduction in processing capacity as well as activities of offshore fishing fleets. Low fish price is also a reason for the decrease in Vietnam's tuna exports.
The euro depreciated to its 11 years' low. This strongly impacts on production costs and competitiveness of tuna processors and exporters in Asia such as the Philippines, Thailand and Vietnam. Currencies of these nations significantly appreciated against the euro making higher input costs and wages. The peso of the Philippines, baht of Thailand and VND (Vietnam) have been upped about 21% against the euro since May 2014.
(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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