In the first two months of 2023, Vietnam's pangasius exports decreased in both value and volume, with a decrease of 48% and 35% year-on-year, respectively. This downward trend is mainly due to the sudden drop in import demand, especially the US. The average selling price decreased by 14% over the same period in 2022 and by 50% from the peak set in the second quarter of 2022.
Enterprises that rely heavily on the US market such as Vinh Hoan and BIEN DONG Seafood have the largest decrease in export value in the first two months of the year, with -48% and -75% respectively over the same period in 2022.
In contrast, companies with a large distribution market share in China such as Navico, IDI, Godaco can take advantage of the recovery of this market to mitigate the impact, helping these enterprises to maintain the slighter fall in export value.
Navico is one of the export companies that can significantly benefit from the recovery of the Chinese economy
Navico is one of the export companies that can significantly benefit from the recovery of the Chinese economy. The increase in orders from the Chinese market will help Navico's pangasius export volume to grow again, thereby compensating for the declining trend in other markets.
Although Navico's profit in 2023 is better than the general situation of the industry, it will still be difficult to achieve positive growth due to the high base recorded in the same period in 2022.
Navico currently accounts for 15% of pangasius export value from Vietnam to China. The export price in the Chinese market is still relatively stable, the demand of this market is still high because it just opened after the prolonged Covid-19 lockdown. Navico intends to expand the customer base to boost orders in this market. Export volume to China is expected to grow by about 45% in 2023 and is the main growth driver for Navico.
In 2023, Navico is expected to reach VND 4,612 billion in net revenue and VND 619 billion in profit after tax, down 5.8% and 8.1% respectively compared to 2022.
Forecast on Vietnam pangasius industry in 2023 - 2025
Compiled by Thuy Linh
(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.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
(seafood.vasep.com.vn) There was a 6% decline in Vietnam's pangasius exports to Brazil in February 2024 compared to the same period in 2023, with the total value reaching 6 million USD.
(vasep.com.vn) In the first two months of 2024, Poland—which ranks as Vietnam's fourth-largest EU supplier of tuna—became a noteworthy market. Vietnam's tuna exports value to Poland increased by 786% in comparison to the same period last year, totaling over $2 million USD and contributing about 2% of the country's overall tuna exports revenue.
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