The US
Tuna exports to the US after a period of continuous decline has recovered. Tuna export value to the US in October reached US$26 million, up by 35% compared to October 2017. This is still the largest export market of Vietnamese tuna exporting enterprises, accounting for 34% of total export value of tuna. As US tuna importers suspend tuna imports from China because of concerns related to tax increase, this has created opportunities to expand the markets for other suppliers including Vietnam. Therefore, this upward trend is expected to continue in the coming months.
EU
After a period of positive growth, Vietnam's tuna exports to EU decreased in October. Vietnam's tuna export value to EU in October only reached US$18 million, down by 4% compared to October 2017. However, as this decline is not significant, the total export value in the first 10 months of the year still increased by 18%, reaching US$136 million.
In particular, tuna exports to Spain and the Netherlands continued to grow well. Exports to other major markets such as Germany and Italy still decreased.
This year, the price of tuna imported into the EU increased highly, causing the general demand in the market to decrease. At the end of the year, as the price of tuna has cooled down, it is likely that demand will increase. The import quota, starting from January 1 until the end of the quota, is worth of 25.000 MT. Therefore, EU imports from Vietnam is expected to increase again.
Israel
This Middle Eastern market continued to increase imports from Vietnam. In October, Israel imported nearly US$2.7 million worth of tuna products, an increase of 88% compared to October 2017. Therefore, in the first 10 months of this year, exports to Israel still achieved a positive growth rate of 52% over the same period. Israel continues to be a potential substitute market for Vietnam's canned tuna products in the context of cooling demands in large traditional markets such as the US, EU and Japan. It is forecasted that the tuna exports to not only Israel, but also to some other Middle Eastern countries like Egypt, will continue to grow well.
ASEAN
After a period of continuous growth, Vietnam's tuna export to ASEAN has decreased. In October, export of tuna to this market only reached 5.1 million US$, falling by 17% over the same period. This is due to the decrease in exports to Thailand, the largest import market in ASEAN.
It is forecasted that by the end of the year, as the source of imported raw tuna to meet the demand of export production will face many difficulties, the exports will slow down.
(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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