The main seafood products exported to the Middle East market include pangasius, accounting for 44%, tuna accounting for nearly 30%, shrimp accounting for 16%, other marine fish and octopus accounted for 10%.
Notably, pangasius is also the item with the highest export value to the Middle East and the strongest increase in the past 11 months, with nearly 127 million USD, up 66% over the same period last year. This market accounts for nearly 6% of Vietnam's pangasius exports in 2022.
Frozen pangasius fillets with HS code 0304 accounted for 91% of pangasius export value to Middle East countries, frozen whole pangasius with HS code 03 accounted for 8%, the remaining nearly 1% was processed pangasius.
The top 3 markets in the Middle East region, importing the most Vietnamese pangasius include Egypt, UAE and Saudi Arabia. The biggest increase was Saudi Arabia with over 19 million USD, up 165% in the first 11 months of the year. Pangasius exports to Egypt and the UAE increased by 35% and 30% respectively over the same period last year, reaching $35 million and $29 million.
In 2022, the Russia-Ukraine war, the limited oil supply from Russia is an opportunity for Middle Eastern countries to make profits, so the region's economy is still growing optimistically and growing higher than 2021. Although also suffering from high inflation, in general, the food consumption demand of Middle Eastern countries will not be affected as badly as other markets. That is a good sign for Vietnamese seafood enterprises to promote exports to the Middle East.
Economists forecast that the Middle East region's economy in 2023 will slow down, because oil prices and the oil market are more optimistic than this year. Therefore, the general trend of markets, including Middle Eastern countries, is not to be as active as the first half of 2022.
However, for pangasius exporters, Middle East countries are still a very promising destination next year because demand is forecasted to be more stable than other markets.
Compiled by Thuy Linh
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
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