(pangasius-vietnam.com) Pangasius consumption and import of Brazil at the early 2012 tend to slow down because Brazil real increased over the US dollar, quoting at 1.89 real/USD against 1.70 real/USD of some months ago.
In Brazil, the fish wholesale price was forecasted to surge due to the weak Real. This leads to change in seafood chosing of Brazilian consumers. They tend to using other products instead of chosing fish when its price is higher. Low pangasius demand would hamper pangasius import to Brazil.
In 2011, Brazil’s GDP was estimated to reach US$2,520 billion. Economic growth of the country in the third quarter of 2011 nearly stalled due to high interest rate and worsening debt crisis in the euro zone. However, Brazil is still a promising market for Vietnam pangasius exports in 2012.
According to Center for Economic and Business Research (CEBR), in 2011, Brazil outstripped the U.K to become the sixth powerful economy in the world. The former Brazilian president, Lula da Silva predicted that in the next 10-15 years, Brazil will become the third or the fourth largest economy.
According to many economists, Brazilian economy shows positive outlooks with many more middle and high class. Vietnam pangasius will have a bright future in the market.
Vietnam pangasius exports to Brazil in 2011 saw the great growth in which pangasius exports in January 2011 reported the highest of 1,045 percent, followed by August with 226 percent. Pangasius export value in November 2011 reached US$10.8 million. In value, Vietnam is ranked in top 5 suppliers of frozen pangasius fillet to Brazil, however the market share of Vietnam pangasius only accounted for 6% while the market share of China tilapia represented nearly half of total frozen fish fillet import into Brazil.
With huge population of 200 million people and Brazilian’s increasing average income, Brazil reveals a potential market to Vietnam pangasius in particular and Vietnam seafood in general.