The most exported products to the US market were frozen loin/fillets tuna (HS code 0304), accounting for 62%. At the same time, exports also climbed sharply by nearly 58% over the same period in 2018, reaching to US$99 million. Canned tuna accounted for the second largest proportion at 23%, reaching a turnover of US$37 million, up 37%. The third most exported product was other processed tuna, accounting for 14%, also up strongly by 179% with US$22 million, mainly skipjack and steamed yellowfin tuna loin.
According to the statistics of the World Trade Center, the demand for US tuna imports increased by 5.6% in the first 4 months of 2019. Of which, canned tuna imports still accounted for the highest proportion of the total tuna import value of the US at 58%. However compared to the same period in 2018, this product line declined by 2%. US imports of frozen tuna loin/fillet products accounted for the second largest proportion, accounting for 23% and tended to increase, up 30% over the same period in 2018.
In the market segment of frozen tuna filets/loin, Vietnam is currently the second supplier for the US market, accounting for 31%, after Indonesia at 44%. Followed by Philippines at 7%, Taiwan at 2.9% and Canada at 2.8%. In general, at the beginning of this year, the US has tended to increase imports of this product line from other suppliers.
Meanwhile, in the segment of processed and canned tuna products, Vietnam ranked third, accounting for 9.5% of market share, after Thailand (46%) and Ecuador (14%). In the first 4 months of this year, the US declined 2.4% of processed tuna import value, of which imports from Thailand went down by 3.3%, while still sharply increasing imports from Ecuador and Vietnam.
Besides, in the past 2 years, the US has tended to increase imports of tuna family products, of which China was the largest exporter of tuna family products to the US. In the first quarter of 2019, the US imported only 1,304 tons from China, equal to one third of the total import volume compared to the same period in 2018.
This decline was likely due to the China - US trade war, as the tax rate for these items from China has increased from 4% to 10%. However, the prices of these products were still significantly lower than that of skipjack tuna, yellowfin tuna, or traditional longfin tuna, which were subjected to 12.5% of tax rate.
However, from 12:01 am on May 10, 2019, the US officially imposed a new import tax rate, increasing from 10% to 25%, for tuna products from China. This has reduced the competitiveness of Chinese tuna family products in the US market. US companies, therefor, will move to Thailand and Vietnam to find frozen tuna loin suppliers.
(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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