Post by account_disabled on Dec 10, 2023 10:50:10 GMT
The seafood industry in 2024 and the medium-term is likely to improve. This is in line with the overall economy and purchasing power of consumers in both Thailand and the world market that are slowly recovering. However, entrepreneurs in the industry still need to watch out for risks from the outlook for global economic recovery that is still fragile. and may grow lower than expected Including the impact of geopolitical conflicts that are likely to spread more widely. These factors may affect consumer confidence and demand for seafood consumption in the future. The value of Thai canned tuna exports in 2024 is likely to return to positive growth at 5.5%YOY after expected to contract this year, which is partly affected by the El NiƱo phenomenon that affects supply.
tuna decline An important factor that will support growth next year comes from demand in trading partners that is gradually improving. However, the value of exports will remain slightly lower than in the pre-COVID period (2015-2019), while costs of operators, especially tuna raw Email Data materials and fishing costs, are likely to remain at a high level continuously. This factor will continue to put pressure on business operators' profit margins going forward. The value of shrimp and product exports tends to improve as well. It is expected that next year's growth rate will be approximately 4%YOY, after an expected contraction of -11.4%YOY this year on the support of import demand in key trading partners that is gradually recovering.
However, if you consider each product, you will find that Exports of fresh chilled and frozen shrimp recovered faster than processed shrimp. This was supported by exports of fresh, chilled and frozen shrimp to the Chinese market which is growing well. Part of which benefited from the cancellation of the Zero COVID policy of the Chinese government that caused exports to expand in the first half of the past year. However, risk factors that need to be closely watched in the next period are: The economic slowdown of key trading partners such as China. and food security policy, which may affect the demand for shrimp imports from Thailand in the future. Screenshot__Samsung%20Internet Key issues and challenges affecting seafood industry trends include: Non-tariff trade protection measures.
tuna decline An important factor that will support growth next year comes from demand in trading partners that is gradually improving. However, the value of exports will remain slightly lower than in the pre-COVID period (2015-2019), while costs of operators, especially tuna raw Email Data materials and fishing costs, are likely to remain at a high level continuously. This factor will continue to put pressure on business operators' profit margins going forward. The value of shrimp and product exports tends to improve as well. It is expected that next year's growth rate will be approximately 4%YOY, after an expected contraction of -11.4%YOY this year on the support of import demand in key trading partners that is gradually recovering.
However, if you consider each product, you will find that Exports of fresh chilled and frozen shrimp recovered faster than processed shrimp. This was supported by exports of fresh, chilled and frozen shrimp to the Chinese market which is growing well. Part of which benefited from the cancellation of the Zero COVID policy of the Chinese government that caused exports to expand in the first half of the past year. However, risk factors that need to be closely watched in the next period are: The economic slowdown of key trading partners such as China. and food security policy, which may affect the demand for shrimp imports from Thailand in the future. Screenshot__Samsung%20Internet Key issues and challenges affecting seafood industry trends include: Non-tariff trade protection measures.