China & HK were still the top consuming markets for Vietnam’s pangasius in 2023. China's increased market openness than in early 2023 causes the value of pangasius exports to this market to gradually increase again. In 2024, demand from China will recover better than in 2023. Although pangasius products are widely used and popular in restaurant systems, export prices to this market has been low levels.
The lower sales in the US market in 2023 is mainly due to the high level of inventory in this country from the massive imports at the end of 2022, which is also the main reason for the continuous negative growth of pangasius exports to the US compared to the same period throughout 2023. In 2022 the value of US pangasius imports purchased from Vietnam reached the history record due to increased consumption demand after the Covid-19 epidemic.
After reducing high-priced inventory from 2022, the market may return to be more vibrant, but the recovery level will not be high. During the recent inspection by FSIS, Vietnamese pangasius was assessed well in terms of food safety, along with low tax rates, although still in the preliminary stage of the POR 19 administrative review period, there is high hope for fish businesses to penetrate this market. In addition to recovery opportunities for seafood exports to the US, businesses face numerous challenges. In particular, the increasing number of US seafood companies seeking approval from the US Department of Commerce as plaintiffs in the pangasius anti-dumping lawsuit makes annual administrative reviews increasingly complicated.
The results achieved by the pangasius export sector in 2023 also shed light on the export and consumption trends of 2024. Pangasius exports will not focus on frozen fillets - Vietnam's strong product, but will expand and gradually increase with added-value pangasius and by-products (fish maw, pangasius patties).
Global fluctuations in the last months of 2023 also have a certain impact on the trends and strategies of processors. Seafood from Russia, including Russian seafood processed by a third party, which is banned from importation by the US, could be an opportunity for Vietnamese pangasius exporters to the US.
In 2024, it is forecast that export prices will increase again, however, recent tensions in the Red Sea have also caused many difficulties in the transportation process, particularly concerning increased shipping costs.
(seafood.vasep.com.vn) According to data from Vietnam Customs, in March 2024, Vietnamese pangasius export turnover to markets reached 156 million USD, down 14% over the same period. Vietnam pangasius export value in QI/2024 reached 411 million USD, down 3% compared to QI/2023.
(vasep.com.vn) According to data from the Department of Fisheries, as of March 20, 2024, the shrimp farming area reached about 348,670 hectares, including 334,799 hectares of black tiger prawn farming area and 13,871 hectares of white leg shrimp farming area.
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
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