Frozen pangasius prices hit their lowest level after six months
VASEP said that the export prices of frozen pangasius reached 2.81 USD/kg in August, the lowest level over the last six months. The price of pangasius going to the US reached the highest at 5 USD/kg and the Philippines saw the lowest price with 1.57 USD/kg.
According to VASEP, Vietnam achieved USD 195 million from exporting pangasius, slightly up from June and 123% from the same period last year. This growth didn’t really reflect a positive trend because when the COVID-19 pandemic hit so hard in August that exports slumped heavily.
The accumulated value of pangasius exports reached USD 1.8 billion, up 81% from the same period last year and accounted for 23.5% of the total seafood export volume.
The export price of frozen pangasius reached 2.81 USD/kg in August, the lowest level over the last six months. Vietnamese pangasius was sold at the highest price in the US market, 5 USD/kg, reaching the highest level since earlier this year while it was sold at 2.39 USD/kg in the Chinese market and 1.57 USD/kg.
In the first eight months of the year, the export prices of pangasius soared in all markets as compared to the same period last year. The average price of pangasius reached 4.64 USD/kg in the US, 2.47 USD/kg in China, 2.75 USD/kg in Mexico, 2.15 USD/kg in Thailand, and 3.2 USD/kg in Brazil.
Vietnam saw positive signs of pangasius exports in many markets in August, with an upward trend as compared to July, with exports to China reaching nearly USD 61 million worth, up 37% from July and nearly twice as much as revenue earned from the US. VASEP said that pangasius exports to China would continue to obtain positive results in the next few months.
Meanwhile, pangasius exports to the US recovered by 4% as compared to July, but the revenue just reached USD 33 million.
VASEP anticipated that pangasius exports to the US would achieve good results in September and October when the inventory decreases and demand for this species increases by the end of the year and in 2023.
Moreover, the inflation in the US is predicted to be rampant constantly in the last months of the year, leading to excessive consumption of affordable species such as pangasius.
Other markets such as Brazil, Thailand, Colombia, Japan, and Malaysia have increased their purchases of pangasius in August. Meanwhile, pangasius exports decreased by 28% in Mexico, 17% in the UK, 35% in Canada, 13% in Australia, and 10% in the EU.
The top five pangasius exporters include Vinh Hoan Corporation, Bien Dong Seafood, Nam Viet, IDI Corp, and Van Duc Tien Giang Food Export Company, with the total revenue accounting for 37% of the total pangasius export value in the first eight months of the year.
VASEP anticipated that the global demand for pangasius would increase in the next few months and sales of this species would depend on the two biggest markets, China and the US. The pangasius export volume may reach a new record high at USD 2.5-2.6 in 2022, 56% higher than 2021.