China - Hong Kong
In the first 6 months of 2022, the total value of pangasius exports to China - Hong Kong market reached 427.6 million USD, up 107% over the same period last year. Previously, China's Zero Covid policy made it difficult for imported seafood products during the first four months, including the main supplying countries to this country such as Ecuador, India, Vietnam, and Russia, Norway, Indonesia and the Philippines.
However, recently, China decided to remove the policy of suspending the import of frozen food contaminated with Sars-COV-2 virus after nearly 2 years of implementation. It is forecasted that this will help Vietnam's frozen pangasius exports to this market grow further in the last quarters of the year.
The US
By the end of June 2022, the total value of pangasius exports to the US reached 356.4 million USD, up 111% over the same period last year, accounting for 25% of the total export value. However, in the past 2 months, the growth of pangasius exports to this market has begun to slow down. According to importers, the situation of seafood consumption in general, including pangasius in the US, has shown signs of slowing down. Inflation in the US is at a four-decade high. Essentials are getting more and more expensive. In June 2022, food prices increased by 10.4% year-on-year, which is the largest annual average increase since 1981. According to new data from IRI and 210 Analytics, the price of pangasius in the US is also increasing by about 22%. At chain stores and convenience stores, sales of frozen seafood were negatively affected by rising inflation, but not as seriously as fresh sales. The US seafood warehouse is still full. Therefore, it is possible that in the next quarter, pangasius exports to the US will grow lower than in previous quarters.
CPTPP
The third largest pangasius export market is the CPTPP countries. In the first 6 months of this year, the total export value of pangasius to this market bloc reached 180 million USD, up 66.3% over the same period last year, in which the Mexican market is worth-noticing. This is the largest import market in the bloc with a value of USD 62.4 million, up 68.5%. With this result, the export value of pangasius to Mexico has surpassed Thailand and Brazil (which are considered to be two more potential markets). Global price fluctuations due to the impact of the Russia-Ukraine conflict have been affecting the Mexican economy. The country's economy remains sluggish and has not recovered to pre-pandemic levels. This creates an opportunity for Vietnamese pangasius thanks to increasing demand for importing seafood products with reasonable prices and healthy nutrition of the Mexicans.
Compiled by My Hanh
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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