Pangasius exports continue to slump; however it started to slow down.
According to VASEP, pangasius export value in May continued to decline by 35% from the same period last year. However, such a slump started to slow down as compared to the 52% decrease in April.
The accumulated export value of pangasius in the first five months of the year totalled USD 730 million, down 40% from the same period last year.
The price of pangasius material continued to fall. By June 16, pangasius price in Đồng Tháp stayed at 26,500 dong/kg, verus 30,000 dong/kg in mid May.
Among the major markets, only the UK reports a growth of 8% with a USD 27 million worth, the rest countries witness a slump due to the economic recession, global inflation and high interest rate.
Pangasius export value declined to USD 233 million in China, down 37%, and fell to USD 119 million in the US, down 62%.
As China opens their economy after three years of “Zero-covid” policy, seafood imports into this country have increased by 13% from the same period last year in quarter I. However, export value of Vietnam’s main seafood categories such as pangasius and shrimps slumped in China.
VNDirect anticipates that Vietnam’s seafood exports to China in the second end of 2023 will not grow as fast as the first half of the year. While VCBS thinks that inflation in the US is cooling down, which may stipulate consumption in this country; besides the end of quarter II is the time for the US retailers to stockpile for the festival season at the end of the year. This will trigger an increase in pangasius prices in North America.
VFM
