Several factors are increasing demand in the region such as the end of the conflict in Libya (a major tuna consumer market), the more health-conscious consumers in Saudi Arabia, and an increase in demand of the Egyptian people for an “affordable source of protein”.
Last year, like other markets when the Covid-19 pandemic broke out in the first months of the year, panic buying of tuna products to stockpile in the Middle East occurred. However, after that, sales in this market stabilized again. Therefore, Vietnam's processed tuna exports to the Middle East in the first five months of 2021 are only equivalent to the same period in 2020, reaching $17.2 million. In contrast, the export of fresh and frozen tuna to this market increased sharply by 78%, reaching more than US$9.5 million.
Currently, Vietnam's tuna products have been exported to 12 countries in this market block. In which, Israel, Egypt and Libya are the three largest importers of Vietnamese tuna in this market. Compared to the same period in 2020, the countries with export growth are Israel (up 37%), Libya (up 16%), UAE (up 61%) and Bahrain (up 69%).
Israel, with the value of tuna imports from Vietnam in the first 5 months of 2021 reaching more than 15 million USD, is currently the third largest single tuna export market of Vietnam. After a continuous decline in the first 2 months of the year, Vietnam's tuna exports have increased again and the growth rate is increasing.
Meanwhile, Vietnam's tuna exports to Egypt decreased by 3%. The recovery of the Egyptian economy, with the local currency strengthening against the dollar, has also helped boost demand for tuna in the country. This has helped Vietnamese tuna exports to this market increase positively in the first 2 months of the year. However, since March, Vietnam's tuna exports to this market have decreased continuously. One of the reasons for this decline is that Egyptian importers used the excuse of difficulties and losses due to the epidemic situation to demand payment for goods in installments, putting pressure on prices to reduce... businesses are afraid to export to this market.
In Libya, the stability of the political situation and the Libyan economy has helped increase the demand for tuna. And this has impacted on Vietnam's tuna exports to this market. Although Vietnam's tuna exports to this market are still not stable, in the past 2 months, the export value has been increasing continuously.
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
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