After falling continuously from the beginning of the year to the lowest level in 2022 of nearly $3.5 million in May, pangasius exports to the Brazilian market are gradually recovering. Vietnam pangasius exports to this market in August reached $8.7 million, the highest level in the past 7 months. Compared to the same period in 2021, pangasius exports to this market in August 2022 increased by 179% and increased by 31% compared to July 2022.
By the end of August 2022, the total value of Vietnamese pangasius exports to Brazil increased by 55% over the same period last year. The increase in exports was mainly because of the higher price.
According to statistics of the World Trade Center (ITC), the average price of Vietnamese pangasius exported to Brazil in the first 7 months of this year increased by 43% over the same period last year. Therefore, while the volume of pangasius exports to Brazil in this period decreased by 5%, the value still increased by 36%. The average price of Vietnamese pangasius imports into this market increased continuously from the beginning of the year and reached the highest level of 3.4 USD/kg in July 2022.
In the first 7 months of this year, Brazil imported 164,000 tons of seafood, worth 791 million USD, down 17% in volume but up 19% in value. In which, imports of white fish species such as cod, pangasius, tilapia, etc accounted for 23% in volume and 21% in value of seafood imports.
Pangasius imports from Vietnam account for 46% of the volume and 33% of the value of white fish imported to Brazil. Due to the Russia-Ukraine war, the amount of cod entering the Brazilian market became scarcer. Compared with cod, the price of Vietnamese pangasius imported into Brazil was still more affordable.
Despite being a country with a long coastline and abundant water resources, with a rich and diverse aquatic biodiversity, 60% of the seafood that Brazilians consume is imported from other countries in South America, Asia and Europe, because of a number of factors such as culture, traffic difficulties. Some fish species favored by Brazilians include Chilean salmon, Vietnamese pangasius and North Atlantic cod.
Brazil is also affected by the Russia-Ukraine conflict and high inflation. In that context, according to retailers in this market, pangasius has the advantage because it is affordable and fits the taste of Brazilian consumers.
The Brazilian market has completely opened, there is almost no concern about Covid, the Brazilian economy is showing optimistic signals after growing 2.6% in Q2/2022. The bilabal relationship between Vietnam and Brazil is developing more and more actively. Those are good signs for Vietnamese agricultural products, including pangasius, to increase their market share to this market in the near future.
Compiled by Thuy Linh
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