By the end of February 2023, pangasius exports to Germany reached more than US$6.2 million, an increase of 81% over the same period in 2022 and accounted for 2.6% of the total export value of Vietnamese pangasius to markets. The proportion of the German market in the first two months of this year was much higher than that of the same period last year (only 0.9%).
In 2022, Germany is also in the top 2 importing markets of Vietnamese pangasius in the EU after the Netherlands, accounting for 1.2% with nearly 30 million USD, up 37% compared to 2021.
In the first two months of 2023, pangasius under code 0304 (except for fish cakes and surimi products) accounted for 98.3% of total pangasius exports to Germany, while live/fresh/frozen/dried pangasius (under code 03) (except fish under code 0304) accounted for only 1.7%. In these two months, Vietnam has no processed pangasius products to export to Germany, possibly due to the inflation factor that makes consumers tend to pay more attention to frozen products to save costs.
The biggest challenges for the German economy in general and the pangasius market in particular are still the war in Ukraine, the accompanying economic consequences, the weak global economic health, energy and consumer prices. usage as well as the security of energy supplies.
Although the inflation rate has dropped markedly to 8.6%, after 3 consecutive months remaining above 10%, Germany is still among the top countries with the highest inflation rate among major economies. Inflation also changes the seafood consumption trend of the country with Europe's largest economy. Instead of consuming more fresh/chilled seafood, Germans are increasing their consumption of frozen seafood.
As food and energy prices are no longer as high as last year, the overall German inflation rate is expected to fall significantly from March 2023. This can be considered as one of the optimistic signals for Vietnam's pangasius exports to Germany.
Forecast on Vietnam pangasius industry in 2023 - 2025
Thu Hằng
(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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