However, how much the industry stands to gain depends on a lot of factors - mainly how long the rupee slide will continue or at what level it will stabilise.
“Exporters are naturally happy about the rupee situation,” said Nobert Karikassery, Treasurer of Seafood Exporters Association of India, who is also the President of the Kerala Seafood Exporters Association.
“Those who have booked forward are happier as they gain more.”
The total value of seafood exports this financial year would definitely go up, he told Business Line.
East coast may gain Karikassery, however, said exporters on the East Coast would harvest better value than those on the West , as the latter relied more on sea catch while the former focused on aquaculture.
The aquaculture sector on the East Coast is expected to reap a windfall as this year there was record production of vannamei shrimps.
“This is the best year for vannamei shrimp industry in terms of production, productivity and prices.” The farmers had recorded aproductivity level of 24 tonnes a hectare.
The West Coast exporters would not gain much from the rupee depreciation as the 47-day monsoon trawl ban, which drastically cuts fish landings, has just begun.
By the time the fishing holiday ends, the rupee might recover.
Also, demand from
Advantage shrimp
One major factor in favour of Indian shrimp exporters was the drastic fall in shrimp production in
Karikassery pointed out that there was 24 per cent fall in Thai production which equalled
Coupled with the rupee depreciation and high production, it would be a boom time for the vannamei sector, he said.
(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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