In January 2024, pangasius recorded strongest export growth among seafood sectors, up 97% over the same period in 2023. In particular, pangasius exports to China alone increased four times. Pangasius sales in China soared during the recent Lunar New Year holiday, a positive sign for this market. Before Tet, the general spending of Chinese consumers increased sharply, causing many pangasius importers to stockpile goods to ensure supply.
Besides, a new move by China also helps pangasius exports, which tend to be better in both price and volume because export enterprises focus more on official transactions. From February 1, 2024, goods imported through Dong Hung Port on the Vietnamese border faced a tax rate of 2.36%, according to China's new policy. This move aims to eliminate the price advantage of black market pangasius compared to legally imported fish.
According to a Chinese industry publication, unofficial pangasius imports accounted for about 24% of total imports in 2023 and jumped to 37% in December. The Chinese seafood industry also has confidence that other ports in Guangxi province will also apply new pangasius tax rates, possibly after the Lunar New Year holiday held from February 10 to 17. These trade measures follow Chinese President Xi Jinping's recent visit to Vietnam.
Pangasius consumption in the US market is also showing positive signs because the average export price has bottomed out. In December 2023, the average price of pangasius exports to the US was about 2.42 USD. This is the lowest level seen in many years. In January 2024, the average price of pangasius exports to the US bottomed out and increased to 2.64 USD/kg.
The export price of Vietnamese pangasius to the EU also recovered and bottomed out in December 2023, reaching about 2.28 USD/kg and it continued to maintain this price until January 2024. The adjustment in price and export value of pangasius to the EU shows signs of both positive price and volume from this market.
Many pangasius businesses believe that the increase in pangasius stocks to the ceiling on the afternoon of February 26, 2024, is a positive signal in the first months of 2024. It is expected that, with optimistic numbers from export turnover, recovery, and growth in the average export price of Vietnamese pangasius to markets, this will bring positive results for the whole year 2024.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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