In the first 8 months of this year, tuna inventories in major markets such as the US and EU were at a high level, causing a decrease in import demand in these markets. This pushes Vietnamese tuna businesses to shift to other potential markets such as Mexico.
Mexico is the market with the second highest per capita income in Latin America. This is also a market in the CPTPP bloc. Fishery trade between Vietnam and Mexico has gained a remarkable boost since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in early 2019.
According to the CPTPP Agreement, import and export tax on frozen tuna meat/fillets of Vietnam with HS code 0304 of Vietnam will be reduced to 0% from 2021. Besides, in 2021, Mexico's tuna catch will decrease due to Due to the impact of the Covid-19 pandemic and the decline in resources, the country had to increase imports of tuna from outside. And this is creating attraction for Vietnam for Mexican tuna importers. Tuna is currently the second most exported aquatic product to Mexico after pangasius.
Currently, the average export price of frozen tuna meat/fillet HS code 030487 to the Mexican market ranges from 6.6 to 7.1 USD/kg on average. As of the end of August, only 5 Vietnamese enterprises are exporting tuna to Mexico: Bidifisco, Hai Thanh Seafood, Dai Viet Seafood, Hong Phat Service Produce Co., Ltd, and Tithico
Although accounting for only 2% of tuna export turnover, with the current growth of tuna exports and the advantage of import tax under the CPTPP agreement, the Mexican market will be a potential and promising choice of Vietnam. many businesses in the near future.
(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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