After a strong increase in the first half of the year, from July 2022, Vietnam pangasius exports to some key markets such as the US began to slow down because inventories were increasing, consumption and prices also decreased.
In that context, pangasius exports to Mexico still maintained a high growth rate in July: more than doubled over the same period to over 11 million USD.
In the first 7 months of this year, frozen pangasius fillets exported to Mexico accounted for 94% of the total export value with $69 million, and sliced pangasius accounted for 6%, reaching $4.4 million.
The average price of frozen pangasius fillets exported to the Mexican market in the first half of this year was 2.8 USD/kg, 63.5% higher than the average price of 1.71 USD/kg in the same period in 2021.
The Mexican market is a very promising market for Vietnam pangasius exporters
In 2022, inflation in Mexico has reached a record high of 22 years. Mexican consumers must consider and reduce their spending on high-priced food products. With the advantage of competitive prices, plus preferential tax advantages under the CPTPP, Vietnamese pangasius is still a stable choice of Mexican seafood importers.
In the context of the USD appreciation against many other currencies is a challenge for Vietnam exporters. In some markets where the local currency depreciates, importers suffer losses, so they will carefully consider the import plan. There has been a situation where importers "bargain to lower prices" or ask Vietnamese exporters to delay delivery, causing exporters to shoulder the burden of additional storage costs.
However, according to experts, for the Mexican market, the rising USD is good news because Mexico is one of the few countries that receive a huge amount of remittances from the US. Therefore, food consumption of this market will also be less affected than other markets.
With those advantages, many Vietnam pangasius exporters also shifted from some other markets to Mexico. In the first half of this year, there were 30 Vietnamese seafood enterprises exporting pangasius to Mexico. The 3 enterprises with the largest export value are: I.D.I International Development and Investment Joint Stock Company; Vietnamfish Co,. Ltd and CL-Fish Corp. Many pangasius processors in Dong Thap, An Giang, Ben Tre, Can Tho and Vinh Long are also interested in Mexico and promote pangasius exports to this market.
In 2022, Vietnam's pangasius exports to the Mexican market is expected to bring in about 125 million USD, an increase of 80% compared to 2021.
Compiled by Thuy Linh
(seafood.vasep.com.vn) On the evening of December 24, 2024, in Hanoi, the Central Youth Union, Viet nam Youth Federation and the Vietnam Young Entrepreneurs Association held the Vietnam Golden Star Award Ceremony 2024, with the theme "Reaching Vietnam", honoring 200 outstanding enterprises. Deputy Prime Minister Nguyen Hoa Binh attended.
(seafood.vasep.com.vn) In the first ten months of 2024, 448 Vietnamese companies were involved in exporting pangasius to international markets. Vinh Hoan remains the top exporter, holding a 14% share of Vietnam's total pangasius export value.
(seafood.vasep.com.vn) Vietnam's seafood sector is making impressive strides as it nears the end of the year. Aquaculture has maintained steady growth, while fishing activities have recovered thanks to favorable weather conditions.
(seafood.vasep.com.vn) To ensure sustainable shrimp farming and environmental protection, Soc Trang Province emphasizes raising awareness and improving the capacity of shrimp farmers through various forms of communication and by developing and replicating effective models.
(seafood.vasep.com.vn) To achieve the goal of making the province a national hub for high-quality shrimp post-larvae production and producing 50 billion shrimp post-larvae by 2025, Ninh Thuan has focused on implementing a comprehensive set of measures.
(seafood.vasep.com.vn) The seafood processing company Kyokuyo has just opened a seafood processing plant in Vietnam to reduce its reliance on China. In Japan, Kyokuyo ranks as the third-largest seafood producer, following Maruha Nichiro and Nissui.
(seafood.vasep.com.vn) Vietnam's total fishery production in the first 10 months of 2024 is estimated at 7,889.8 thousand tons, a 2.5% increase compared to the same period last year. Aquaculture contributed approximately 4,612.5 thousand tons, while capture fisheries accounted for 3,277.3 thousand tons.
(seafood.vasep.com.vn) Ms. To Thi Tuong Lan, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), forecasts that pangasius export turnover could reach the target of USD2 billion in 2024. However, the industry will still face numerous challenges in the coming year.
(seafood.vasep.com.vn) Vinh Hoan Corporation has recently announced its business results for October, reporting over VND 1,200 billion in revenue, a 60% increase compared to the same period last year.
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
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