HIGHLIGHTS
- Vietnam’s pangasius exports to the US and China markets have many opposites.
- The US needs more sources of seafood imports to meet domestic demand.
- The Chinese side has many trade barriers for imports, so Vietnamese pangasius faces many difficulties in this market.
- Vietnam’s pangasius production and processing enterprises can fully expect a “brighter” future in export.
FULL ARTICLE
Opposite numbers
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in October 2021, the export value of pangasius reached 136.7 million USD, down 19.7% over the same period last year. In the first 10 months of the year, this value reached 1.21 billion USD, equivalent to the same period last year.
In the Chinese market, in October 2021 alone, pangasius exports reached 31.35 million USD, down nearly 61% over the same period and by the end of October, total pangasius exports reached 310.2 million USD, down 27.6% over the same period last year.
However, the export level of this fish is opposite to the US market. In October alone, the export value of pangasius to the US reached nearly 42 million USD, nearly doubled compared to the previous month and reached the highest level in the top 10 pangasius export markets of Vietnam. Accumulating 10 months, the total export value of pangasius to this market reached 290 million USD, up 47% over the same period last year.
The cause of the opposition
In the bright scenario, pangasius exports to the US still maintain its performance in the fourth quarter, the US is likely to return to the position of the largest pangasius importer of Vietnam. VASEP believes that the US customers’ demand for importing white fish products, including pangasius from Vietnam, is still quite good.
The reason for this is said to be because the US market is recovering strongly in demand after the Covid-19 wave. Meanwhile, the domestic supply of seafood, which is already very low, usually only meeting 10% of domestic consumption, has been reduced because of production interruptions during the epidemic. The lack of raw materials, the lack of labor, and the high price of seafood in the US make the demand for imported seafood very large.
Contrary to the positive signals in the US market, pangasius exports to China – Hong Kong market are still gray. Specifically, in 2021, China raised trade barriers for imported seafood products, causing many customers to suffer damage because of goods congestion.
Is the future open to Vietnamese pangasius exports?
Besides key markets such as the US, EU, and China, Vietnamese seafood enterprises are trying to expand their markets and seek opportunities in the CPTPP, Thailand, and Russia markets.
After the CPTPP agreement took effect, Vietnam’s seafood exports to this market group grew positively, increasing by 3% in 2019. In the following 2 years, seafood exports to the CPTPP decreased by 2% mainly because of the impact of the COVID-19 epidemic, the demand for imports decreased.
However, pangasius exports to some markets in this block still have good growth and great potential. Notably, exports to the Mexican market in the first 10 months of 2021 reached 54.88 million USD (up 49.5% over the same period). The Canadian market also grew well when it reached 26.7 million USD (up 8.8% over the same period).
Vietnam’s pangasius production and processing enterprises can fully expect a “brighter” future in export.
Thanh Thao
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