Inflation in the UK is at a 40-year high and is almost the highest in European countries, consumption of high-priced food items is limited. Therefore, exports of shrimp, tuna and some marine fishes to the UK decreased sharply. Meanwhile, pangasius exports still maintained a growth rate of 16% because pangasius prices were affordable. Moreover the UK was short of white fish due to the ban on seafood from Russia, so pangasius became an alternative in the market, especially for the popular fish & chip industry.
In the UK, rising energy and raw materials costs are causing pressure and heavy damage to the fish & chip industry. According to a recent survey of 410 members of the National Federation of Fried Fish Producers (NFFF), gas and electricity prices have increased by 300%-500%. Europe's energy crisis worsened after Russia closed the Nordstream 1 gas pipeline. On September 5, gas prices in the UK increased by 35%. This situation puts fish & chip shops on the edge of corruption because the capital is under great pressure while prices of cod and haddock and other input costs such as potatoes, sunflower oil have all increased dramatically.
Vietnam pangasius would be a perfect alternative white fish in the UK
Regarding tariff advantages, the FTA with the UK (UKVFTA) has a mechanism to follow the EVFTA agreement with the EU, which means that pangasius has a roadmap to reduce tax to 0% after 3 years. Thus, by 2022, this product will almost be imported into the UK with a tax rate of 0%.
Seafood exports to the UK in the last months of the year are showing more positive signs than at the beginning of the year, especially for pangasius. In August, pangasius exports to the UK more than tripled over the same period last year, reaching over 7 million USD.
Accumulated in the first 8 months of the year, pangasius exports to the UK reached nearly 47 million USD, up 28% over the same period last year. In which, frozen pangasius fillets/cuts account for 79%, processed pangasius accounts for 17%, and whole pangasius accounts for 4%.
With such good growth momentum, Vietnam pangasius exports to the UK is forecasted to reach about $67 million in 2022, up 30% compared to 2021.
Compiled by Thuy Linh
(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.
(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.
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