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Pangasius exports in the first four months of the year recorded negative growth in many markets

Screenshot 2023 05 31 at 10.25.38

(vasep.com.vn) In the first four months of 2023, nationwide pangasius exports brought in nearly 570 million USD, a decrease of 41% compared to the same period last year. The global market continues to be heavily impacted by inflation and the economic downturn, leading to a decline in seafood consumption demand, resulting in a decrease in both quantity and price of Vietnamese pangasius exports during this period. As a result, the export volume of Vietnamese pangasius to many markets has continuously remained lower than the same period in 2022.

Screenshot 2023 05 31 At 10.25.38
Source: Internet

As of the end of April 2023, the top two markets for Vietnamese pangasius exports, China and the United States, had also experienced significant declines. Pangasius exports to China and Hong Kong reached only 183 million USD, a decrease of 39% compared to the same period last year. The US market also reduced its import of Vietnamese pangasius due to high inventory levels, reaching only 86 million USD, a decrease of 64% compared to the same period in 2022.

By the end of April 2023, pangasius exports to the EU market had reached 60 million USD, an 8% decrease compared to the same period the previous year. Many markets within the EU bloc saw a decline ranging from 13% to 31%, except for Germany, which saw an increase of 78%. Key markets with a decline in Vietnamese pangasius imports include the Netherlands (22% decrease), Belgium (13% decrease), and Spain (30% decrease).

Apart from the EU, the export value of Vietnamese pangasius to other major markets during the first four months of the year also experienced double-digit negative growth compared to the same period last year. For instance, exports to Mexico decreased by 45%, Canada by 51%, Japan by 15%, Brazil by 33%, and Thailand by 49%.

In addition to Germany, Singapore and the United Kingdom were also bright spots for Vietnamese pangasius exports. Specifically, by the end of April 2023, pangasius exports to the UK had reached 22 million USD, a 13% increase, and to Singapore they had reached 12 million USD, a 20% increase. Despite facing high inflation rates, the UK still achieved double-digit positive growth in Vietnamese pangasius imports.

Exports of all pangasius products experienced double-digit negative growth. Specifically, frozen pangasius fillets and cuts (HS code 0304) reached 471 million USD in the first four months of this year, a decrease of 45%. Fresh, frozen, or dried pangasius (HS code 03) reached 89 million USD, a decrease of 9%, and processed pangasius (HS code 16) reached 9 million USD, a decrease of 23%.

The prolonged inflation and high inventory levels at retailers are causing difficulties for the seafood industry, including pangasius farming. Vietnamese pangasius farmers and businesses are facing challenges due to declining markets, increasing input costs, including raw materials, significant profit reductions, and a lack of capital for production and business operations.

The current situation of the pangasius industry requires joint efforts and support from the government and state agencies, as well as the cooperation and solidarity of pangasius farmers and businesses.

Source: Thu Hằng – VASEP

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