The two largest markets, China and the US, both reduced imports of Vietnampangasius. China is down 22% and the US is down 64%. After a deep decline in January 2023, Vietnam's pangasius exports to China increased by 26% in February 2023, partly showing a positive signal from the Chinese market.
Exports to the EU also had a more positive signal thanks to the German market doubling imports of Vietnam pangasius. Meanwhile, the US import market of Vietnam pangasius has not shown any signs of recovery. Many other markets also suffered a deep drop of 12-61%.
In the first quarter of 2023, Vietnam pangasius exports to the EU market reached 45 million USD, down 4% compared to the same period last year (46.7 million USD). Most markets in the EU increased imports of Vietnam pangasius, of which many markets recorded double-digit growth, such as Romania (36%), Sweden (53%), Denmark (34%). Bulgaria (49%). Some smaller markets in Europe recorded positive 3-digit growth such as: Germany (100%), Lithuania (429%), Finland (436%).
In addition to the EU, Vietnam's pangasius export turnover to some other markets in the first quarter of 2023 also recorded positive growth such as: to Singapore reaching $8.7 million, up 35% over the same period last year, to the UK reached 16.2 million USD, up 34%. Although the country has the highest inflation rate among major economies, the UK is still among the few markets that have recorded positive growth in Vietnam's pangasius imports.
In the first quarter of 2023, most pangasius enterprises witnessed negative growth compared to the same period last year. Top 5 largest pangasius exporters including Vinh Hoan, NAVICO, I.D.I Corp, Van Duc Tien Giang, GODACO, accounting for 34.9% of export turnover, all experienced a decrease in sales by 7-43%.
The seafood industry in general and Vietnam's pangasius industry in particular face challenges from the end of 2022 due to prolonged inflation and high inventories of retailers. In addition to market difficulties, pangasius processing and exporting enterprises also face difficulties in terms of raw materials, credit and production. Input costs from seed to feed and other costs are constantly increasing, farmers abandon ponds, leading to the risk of shortage of raw materials. Both farmers and export processing enterprises fall into a lack of capital to maintain production and business.
The actual context of the pangasius industry is in dire need of the cooperation and support of the Government and state agencies as well as the consensus of farmers and businesses.
Pangasius exports in the coming time are mainly expected to China, some European countries such as the UK, Germany, Portugal and the Middle East markets. Pangasius exports are expected to recover in the third quarter of 2023, thanks to trade and promotion programs.
Thu Hang
(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.
(seafood.vasep.com.vn) Bình Thuận's seafood production has maintained stability year-to-date, with favorable fishing grounds. However, the growth rate slowed slightly in the third quarter due to the impact of storms and tropical depressions in the East Sea.
(seafood.vasep.com.vn) Pangasius, a popular whitefish species favored in many global markets and a signature fish of Vietnam, faces stiff competition from other whitefish varieties such as cod, hake, and tilapia. However, Vietnamese pangasius has emerged as the top choice among whitefish imported by Brazil.
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