Pangasius exports grew positively in most marketsFriday, November 24,2023
AsemconnectVietnam - According to the data from Vietnam General Department of Customs, Vietnam’s pangasius exports in October of 2023 reached nearly 173 million USD, down by 4% over the same period last year.
It is expected that this year, Vietnam will earn about 1.8 billion USD from this item.
According to statistics, in October of 2023, pangasius exports recorded positive growth in markets, such as China and Hong Kong, Mexico, Canada, EU, etc. Of which, some South American markets and Asia is considered potential, such as Brazil, China, Thailand with growth rates all reaching double digits.
In October of 2023, the exports of live, fresh, frozen, and dried pangasius products reached the highest value since the beginning of 2023, with more than 31 million USD, an increase of 35%, accounting for 18% of the proportion over the same period last year.
However, the main export product was still pangasius fillets with the turnover of 139 million USD, down slightly by 9% in October of 2023, accounting for 80% of the proportion. In addition, the exports of other processed products reached more than 2 million USD, down by 24% over the same period of 2022.
According to Mr. Duong Nghia Quoc, Chairman of the Vietnam Pangasius Association, as a key export product, Vietnamese pangasius is currently present in more than 150 countries and territories. The main markets include: US, EU, China, ASEAN, South America, etc. In terms of current export market structure, the proportion has changed, the trend is shifting to the Chinese market, from 11% in 2015, by 2022 to about 29%. Meanwhile, the exports to the EU market decreased again, in 2015 the proportion reached 18%, but in 2022 this number decreased to about 9%. The US market was relatively stable, accounting for about 20% on average.
According to analytical data of the Vietnam Association of Seafood Exporters and Producers (VASEP), in October of 2023, China and Hong Kong continued to be the leading markets for importing Vietnamese pangasius and recorded an increase. The positive growth with value equivalent to the previous month of 56 million USD, up by 15% over the same period last year. By the end of October 2023, pangasius exports to this market decreased by 23%, reaching more than 490 million USD.
According to businesses, the demand for pangasius in China has decreased significantly since the beginning of 2023, however, the sales of breaded pangasius fillets are showing better signs in this market, businesses will focus on for deeply processed products when exported to the Chinese market.
Positive signals from the market
Along with China, the US is also in the top markets consuming the most Vietnamese pangasius, but the export results to this market this year are not positive, because turnover decreased by more than half. Specifically, pangasius export turnover to this market in October of 2023 reached more than 21 million USD, down from nearly 23 million USD the previous month and down by 43% over the same period last year.
By the end of October of 2023, the total pangasius exports to this market recorded a decrease of more than half compared to the same period of 2022, and only reached 228 million USD.
Currently, the US market has shown signs of improving consumer demand, the company's product inventory ratio at distributors and retailers in the US has decreased to the average level. Along with that, the consumer confidence index continued to improve. These factors, along with the year-end holiday season, can stimulate businesses here to increase inventory accumulation, which will be an opportunity for seafood exports in general, as well as Vietnamese pangasius products.
Along with positive signals from the US market, the EU has also increased imports of Vietnamese pangasius from September of 2023 and maintained a stable increase in October of 10% with a value of nearly 15 million USD. By the end of October 2023, the EU imported 144 million USD worth of Vietnamese pangasius, down by 17% over the same period last year.
In the EU, Germany was still the bright spot of this market when Vietnamese pangasius exports to here increased by 44% compared to the first 10 months of 2022. In October 2023 alone, Europe's largest economy increased imports of pangasius products by 2.5 times. Besides Germany, in October of 2023, most of the main markets importing Vietnamese pangasius in the EU recorded a decline such as the Netherlands (down by 27%), Belgium (down by 35%), Spain (down by 7 %). The demand for Vietnamese pangasius in the EU gradually increased again due to preparations for the year-end festive season. The EU is expected to be a bright spot for exports in the last months of this year when it is considered to have a more stable economy compared to other key markets.
The CPTPP market segment has positive growth for the first time after many months of reduced pangasius imports from Vietnam, with the value in October 2023 reaching 23 million USD, a slight increase of 4% over the same period last year.
The signs of recovery and slight growth in the first month of the fourth quarter of this year are expected to maintain and increase in the last 2 months of 2023. However, according to VASEP's recommendations, businesses should also seek to exploit other potential markets in South America and Asia, in addition to the US and China, and promote the exports of more products other than frozen fillets to maintain the initiative.
With Vietnam's pangasius export turnover in the first 10 months of 2023 reaching more than 1.5 billion USD, down by 29% compared to the same period of 2022, from the above signals, VASEP forecasts that this year Vietnam will earn about nearly 1.8 billion USD from this key export product.
Source: VITIC/ haiquanonline.com.vn
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