As of mid-February 2023, Vietnam pangasius exports to the UK market reached nearly 7 million USD, accounting for 4.5% of export value to markets. Particularly in the first half of February, pangasius exports to the UK increased dramatically by 142% over the same period.
In 2022, the UK is also in the top 6 importing pangasius markets of Vietnam, but only accounts for 2.6% with nearly 64 million USD, up 24% compared to 2021.
The UK has one of the highest inflation rates among major economies. By January 2023, the inflation rate in this country was still 10.1%, 5 times higher than the target set by the Bank of England.
Inflation changes UK seafood consumption trends.
Inflation changes UK seafood consumption trends. Instead of consuming more fresh/chilled seafood, today Britons are increasing their consumption of frozen seafood. In the UK, people between the ages of 50 and 75 consume the most fish, spending up to £4 a week on fish products. Meanwhile, people under 30 spend an average of just £1.9 a week on fish.
Particularly white fish is a popular product in the UK, in which the most used for the popular dish is fish & chip. Each year, imports of white fish into this market reach from $800 million to $1 billion. In 2022, imports of white fish into the UK market decreased by nearly 8%, of which the largest decrease was pollock with a decrease of 43%, cod with a decrease of 13%. Economic downturn and the conflicts between Russia and Ukraine have affected the consumption and imports.
Over the past year, Vietnam's pangasius accounted for 5% of the UK's total imports of white fish. This proportion is likely to be higher in 2023, when the UK economy is still heavily affected by inflation, the war between Russia and Ukraine still limits the supply of cod and pollock to this market. Fish & chip dishes may have to use more pangasius and other white fish as alternatives.
The advantage from preferential tariffs under the UKVFTA is also an opportunity for businesses to take advantage of, especially in the context that importers want to find sources of competitive priced goods for the domestic market.
Therefore, along with China, the UK is also an optimistic destination for pangasius enterprises in 2023.
|
UK imports of white fish, 2018-2022 (Thousand USD) |
|||||||
|
Product |
2018 |
2019 |
2020 |
2021 |
2022 |
Change(%) |
Proportion(%) |
|
Cod |
520,941 |
549,580 |
665,281 |
615,899 |
535,731 |
-13.0% |
57% |
|
Haddock |
166,985 |
211,744 |
228,877 |
204,648 |
261,883 |
28.0% |
28% |
|
Pollock |
73,090 |
90,046 |
111,500 |
115,865 |
66,094 |
-43.0% |
7% |
|
Pangasius, catfish |
54,555 |
49,716 |
61,772 |
54,052 |
50,330 |
-6.9% |
5% |
|
Tilapia |
8,685 |
7,256 |
9,558 |
11,854 |
11,278 |
-4.9% |
1% |
|
Hake |
10,392 |
10,574 |
10,371 |
8,397 |
6,958 |
-17.1% |
1% |
|
Total |
834,822 |
918,918 |
1,087,365 |
1,010,716 |
932,275 |
-7.8% |
100%
|
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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