After reaching a peak of 310 million USD in April 2022, Vietnam pangasius exports began to cool down gradually in the following months. That trend is reflected in both China and the US markets.
Pangasius exports to China broke the record, reaching 113 million USD in April, but falling to 44 million USD in July. Accumulating in the first 7 months of the year, pangasius exports to China still more than doubled over the same period, reaching 451 million USD, accounting for 28% of Vietnam's total pangasius export value. However, Vietnam pangasius’s market share in this market is still modest compared to China's frozen fish import demand. Currently, Vietnam's frozen pangasius accounts for only 8-9% of China's fish imports.
Currently, China loosens the Covid inspection measure, which reduces suspending imports when detecting shipments infected with coronavirus. This will reduce the cost and time for exporting pangasius as well as other aquatic products to this market. However, China is increasingly strict in testing microbiological criteria, food hygiene and safety, so exporters should pay more attention to quality assurance and any regulations and standards of China.
Pangasius exports to the US also reached a peak of 81 million USD in April, but also fell to the lowest level in July, reaching only 32 million USD, down 4% compared to the same period in 2021. Pangasius exports to the US from 2021 to the first half of this year have a relatively high price, so the export value is positive. However, after that hot period, US importers began to adjust prices down, because inventories increased and consumption in the market slowed down due to logistical factors. In general, according to the assessment of pangasius enterprises, this product is still in demand in the US market as well as in other markets, even in the context of current inflation. However, in the second half of the year, export prices will decrease gradually.
By the end of the first 7 months of 2022, pangasius exports to the US were still 92% higher than the same period in 2021, accounting for 24% of total pangasius exports.
Although the US and China dominate the trend of pangasius exports in the direction of slowing down or decreasing, there are many markets that still maintain an optimistic growth for Vietnam's pangasius exports. Typically, the third largest single market, Mexico still maintained a high growth rate of 87% in July. The remaining two markets in the top 5 both increased by double digits in July: increased by 40% and 34% respectively.
In addition, in July, many markets have shown the “breakthrough” in importing Vietnam’s pangasius such as Canada (increased more than 4 times), Hong Kong increased by 114%, Australia by 143%, Singapore increased by more than 2 times and the Philippines by 3.5 times. This shows that Vietnam’s pangasius exports are not tighten to only China or the US markets but has many opportunities to increase exporting to other markets.
Compiled by Thuy Linh
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