China is expected to increase Vietnamese pangasius consumption in 2024Sunday, February 11,2024
AsemconnectVietnam - In 2023, Vietnam's pangasius exports reached 1.8 billion USD, down 25% compared to 2022. In 2023, Vietnam's pangasius exports faced many difficulties because demand declined, especially in the European and Chinese markets. However, in the last months of 2023, exports recorded positive growth, which is a positive signal for the industry in 2024.
Although the market share of pangasius decreased in some large markets, pangasius exports to smaller markets such as Mexico, Canada, Brazil, and the UK all showed positive signs.
According to data from the Ministry of Agriculture and Rural Development of Vietnam, the total pangasius farming area in 2023 reached nearly 5,700 hectares, and the output reached 1.6 million tons. In 2024, pangasius production is planned to reach 1.7 million tons with export revenue of 2 billion USD.
In 2023 also a significant increase in pangasius farming production in other countries. The production of pangasius farming in Indonesia is about 600 thousand tons, in India it is 668 thousand tons, in Bangladesh it is 500 thousand tons, and in China, it is 400 thousand tons, and the production in these countries will continue to increase soon.
Vietnam's annual pangasius productivity and production are still high, but they have to compete with many countries. Therefore, to promote exports, enterprises need to change strateries to promote trade, improve markets, and take advantage of processed by-products to create new values. In 2024, it is predicted that the demand for Vietnamese pangasius in many markets will be higher, especially for processed products.
In 2024, China is expected to be a high-growth region for pangasius consumption, especially after the country lifted restrictions on imported goods to prevent the COVID-19 epidemic. The relaxation of nucleic acid testing control policies has partly helped improve the demand for food and seafood in this market. As of the end of 2023, Chinese businesses had stockpiled goods to supply the huge demand during the Lunar New Year holiday for hotels, restaurants, and the service and tourism industries.
It is expected that with a slight recovery in export value in the last 2 months of 2023, it will be a positive start for pangasius exports in 2024.
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