Pangasius exports forecasted to reach USD 2.6 billion in 2022
In the first five months of 2022, Vietnam’s pangasius processing factories worked to full capacity and achieved a worth of USD 1.21 billion of export value, up nearly 90% from the same period last year. The good growth in most markets compensates for the three years of damages resulting from the Covid-19 pandemic. The pangasius sector is forecasted to reach USD 2.6 billion this year.
China – Hongkong
As of May 2022, Vietnam earned USD 315 million from exporting pangasius to this market, up 124% from the same period last year. In the run to prevent the Covid-19 pandemic in some hot areas, Shanghai included, big harbors and factories were forced to close, affecting the global supply chain and the domestic value chain itself. Thus, imports of white meat fish into the Chinese market fell in quarter I of 2022, with imports of pollock from Russia reducing by 60%. However, as of May 2022, sales of pangasius to China-Hongkong have shown positive three-digit growth constantly. Prices of pangasius fillet in China have ranged between 3.15-3.25 USD/kg on average so far, 0.5 USD/kg higher than the same period last year. Approximately 100 Vietnam’s pangasius enterprises are exporting to China-Hongkong.
In the first five months of 2022, Vietnam achieved USD 310 million worth from exporting pangasius to the US, up 131%. In May alone, pangasius exports to this market reached USD 69 million, up 114%. In mid-May 2022, the Food Safety and Inspection Service of the US (FSIS) under the U.S. Department of Agriculture announced the approval of another six Vietnam’s pangasius processing factories that are allowed to process and export pangasius to the US market, leaving the total of recognized factories up to 19. Exports of pangasius to the US have been stable so far. According to the update statistics by ITC, prices of Vietnamese frozen pangasius imported into the US market reached a new peak to approximately 5 USD/kg at the end of April, 2 USD/kg higher than the same period last year. This is the biggest increase ever in the last three years.
Exports of frozen pangasius to Mexico, Canada, Australia, and Japan continued to increase in the first five months of 2022. As of May 2022, CPTPP is the second biggest market of Vietnamese pangasius, after China-Hongkong and the US. Demand for pangasius of the CPTPP countries has increased constantly in five months, bringing a worth of USD 146.5 million, up 64% from the same period last year. Vietnam achieved USD 51.8 million worth from exporting pangasius to Mexico, USD 27.5 million worth from Canada, USD 16.5 million worth from Australia, and USD 14.6 million worth from Japan. In quarter II of 2022, exports of frozen pangasius to this bloc are forecasted to increase by over 35% from the previous quarter, reaching around USD 110 million worth.
Besides the above exporting markets, exports of pangasius to the EU, Thailand, Brazil, the UK, Columbia, and Egypt grew well in the first five months of the year. The total export value to the EU reached USD 88.6 million, up 89%; export value to Thailand increased by 85% and export value to Brazil rose by 51%.
Exporting prices are stably good, domestic material prices slightly decreased, ranging between 31,500 and 32,000 dong/kg, down 500 dong/kg. However, the price of commercial fish is forecasted to stay steady in the next few months due to heavy demand in importing markets.