(seafood.com.vn) US pangasius imports continued to surge in June 2012 adding to already burgeoning inventories, forcing market prices to levels not seen since 2010.
According to the US Department of Commerce the US imported 17.7 million pounds of pangasius in June 2012 slightly down 3.8 percent from May’s 18.4 million pounds in imports. In fact, this marginal decline was the first month to month decrease in imports recorded since February.
However, year to year, June 2012’s imports were up 24 percent when compared to June 2011’s 14.3 million pounds in imports. Furthermore, YTD imports have surged past the 100 million pound mark two months ahead of 2011, sitting at 104.6 million pounds, 32 percent more than 2011’s 79.3 million pounds.
This record year for US pangasius imports has contributed to an ongoing decline in the markets as industry insiders report plentiful inventories. For example, Urner Barry’s latest quote of $1.80 per pound for frozen, boneless and skinless 5-7oz pangaisus fillets is the lowest per pound quote since October 2010’s $1.74 per pound. Since the start of 2012 prices have fallen 5 percent; additionally prices are down nearly 8 percent from a year ago.
As for the condition of the market, industry insiders continue to report downward pricing pressure as offerings overseas continue to be relatively low; however VASEP has reported that farmers are working with the Vietnamese government to set a floor price and the impact has yet to be seen.