The Zero-Covid policy with prolonged restrictions has weakened the Chinese seafood market. Demand for seafood and seafood prices in the market both decreased. Statistics and data collected at 68 wholesale markets across the country show that in September 2022, seafood sales decreased by 19.6% compared to September 2021, the average seafood price was at 3. 41 USD/kg, down 12.1% over the same period last year. The price of freshwater seafood fell 6.3% to an average of $2.64/kg, while the volume of freshwater seafood sold fell by 16.5%, showing the impact of China's COVID-19 lockdown.
In spite of some limitations due to the Zero-Covid policy, China is still a very potential destination for many Vietnamese pangasius exporters. By the end of November, pangasius exports to China reached 636 million USD, up 81% over the same period while exports to Hong Kong reached nearly 38 million USD, up 46%. Particularly, frozen pangasius fillets with HS code 0304 exported to China reached US$472 million, accounting for 74% of pangasius export value to this market.
According to statistics of China Customs, as of October 2022, imports of frozen fish fillets with HS code 0304 from Vietnam into China reached nearly 500 million USD. Of which, frozen pangasius fillets accounted for nearly 89% with $444 million.
The trend of the Chinese market in the coming time is unpredictable and depends significantly on whether China adjusts its Zero Covid policy or not as well as how it is adjusted. However, many seafood traders in the world, including Vietnamese enterprises, are hoping for the stability of this market as this is still a large market with high consumption demand.
Among Vietnamese pangasius import markets, China attracts the largest number of export enterprises. Up to now, there are more than 160 Vietnamese pangasius exporters in China. Top 5 pangasius exporters to China include Dai Thanh Co., Ltd., TG Fishery JSC, I.D.I Corporation, Cadovimex II and Go Dang JSC. In general, there's not much difference in sales between these companies, accounting for 6-7% of pangasius export value to China.
Compiled by Thuy Linh
(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.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(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.
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