Pangasius butterfly cut products accounted for only 18% of pangasius imports into China in the first 5 months of 2022, but this year, this figure is up to 31%.
However, the average import price of pangasius butterfly cut products into this market in the first 5 months of 2023 was 19% lower than the same period last year, reaching 1.94USD/kg. Meanwhile, the price of frozen pangasius fillets imported into China was also 15% lower than the same period last year, reaching 2.13 USD/kg.
Large inventories, falling import prices along with a slow recovery in demand are the main factors causing decline in pangasius exports to this market. According to Vietnam Customs statistics, in the first 5 months of 2023, pangasius exports to China decreased by 39% to 217 million USD.
Statistics from China Customs show that in the first 5 months of 2023, China imported nearly 137 thousand tons of pangasius, 16.5% higher than the same period last year
Localities that import the most frozen pangasius fillets include Guangdong, Shandong, Tianjin, Beijing, Shanghai, and Zhanjiang, accounting for 86% of China's import volume. Guangdong province alone accounts for 35%, while Shandong accounts for 15%. Localities that mostly import pangasius butterfly cuts are Guangdong (accounting for 52%), Shandong (15%), Shanghai (14%), and Hunan (8%). In May 2023, pangasius imports into China reached 24.6 thousand tons, worth nearly 50 million USD, which is a decrease of 27% and 41% respectively compared to the same period last year.
Three years of implementing coronavirus control measures have severely weakened the spending power of many Chinese households. Economic uncertainty has hit China's urban middle class amid falling wages and job cuts in sectors ranging from technology to financial services. The unemployment caused by these circumstances has affected spending by young people, who constitute China's most active consumer demographic, resulting in a 20% unemployment rate within this group.
In this context, the Chinese market will need more time to recover, opening new and brighter opportunities for imported products, including seafood and pangasius. Nevertheless, import demand in this market is expected to improve in the second half of the year as consumers will gradually adapt to the new post-Covid context.
Compiled by Thuy Linh
(seafood.vasep.com.vn) Vietnam seafood exports in April 2024 reached 770 million USD, up 4% over the same period last year. Exports of tuna, pangasius, crab, and mollusc shells all recorded positive growth. However, shrimp exports were equivalent to April 2023, and exports of cephalopod, and some other marine fish species were still lower than in the same period. Cumulatively, in the first 4 months of 2024, seafood exports reached a total of 2.7 billion USD, up 6% over the same period in 2023.
HALCERT, operating under QUACERT, will oversee certification activities and facilitate discussions, training and international cooperation in the Halal sector.
(seafood.vasep.com.vn) After a continuous decline in the second half of 2023, in the first quarter of 2024, Vietnam's seafood exports showed signs of a slight recovery with an increase of 6.5% over the same period last year, reaching nearly 2 billion USD. Exports made a strong breakthrough in January, before the Lunar New Year, but tended to slow down in February and March.
The south-central province of Binh Dinh has shown a strong determination in handling any fishing vessels that have no registration, fishing licences and certificates proving their seaworthiness (“three no's” fishing vessels), as part of the efforts to fight illegal, unreported and unregulated (IUU) fishing.
(seafood.vasep.com.vn) NAVICO has announced that it has closed the value chain for pangasius fish by ensuring 100% self-sufficiency in feed for aquaculture and raw fish production, creating favorable conditions for a breakthrough in this year's business results.
(seafood.vasep.com.vn) On April 23, 2024, the 30th Global Seafood Exhibition opened at the Fira Gran Via Exhibition Center in Barcelona, Spain. Many seafood processing and exporting units from Vietnam participated in the exhibition. At this year's exhibition, deep-processed seafood products continued to attract significant attention and preference from a large number of participants.
(vasep.com.vn) Through the first quarter of the year, in a context where the shrimp industry still faced many risks, shrimp exporting enterprises still showed efforts and determination in production and business.
(seafood.vasep.com.vn) In the first quarter of this year, Vietnam's shrimp exports reached over 686 million USD, an increase of 14% over the same period in 2023.
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
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