Pangasius exports to the UK grew despite inflation
In the first half of February, pangasius exports to the UK skyrocketed by 142% as compared to the same period last year. Besides China, the UK is a potential market for pangasius enterprises in 2023.
As much as 18-50% decrease was recorded in the top ten markets of Vietnamese pangasius as compared to the same period last year; however, the UK, the sixth biggest market showed a 22% increase.
By the end of mid-February, pangasius exports to the UK reached nearly USD 7 million, accounting for 4.5% of the total pangasius export value. In the first half of February, pangasius exports to the UK skyrocketed by 142% as compared to the same period last year.
Pangasius exports to the UK reached USD 64 million in 2022, up 24% from 2021, accounting for 2.6% of the total pangasius export value. And as such, the US was the sixth biggest market of Vietnamese pangasius.
The UK is one of the powerhouses suffering from the most soaring inflation in the world. As of Jan 2023, the inflation edged at 10.1%, five times higher than what the Bank of England set.
The inflation has changed the trend of seafood consumption in the UK. Instead of consuming fresh/iced seafood, British people are leaning towards frozen seafood. White fish has become a favorite food in the UK which is usually used for fish and chips.
Vietnam achieves about USD 800 million – one billion from the UK market every year. In 2022, white fish imports to the UK declined by nearly 8%, with the sharpest fall being pollock, 43%, and cod imports dropping by 13% due to economic downturn and Russia-Ukraine tension.
On the other hand, imports of Vietnamese pangasius to the UK rose, accounting for about 5% of the total white fish going to this market. VASEP expects that this density will be higher in 2023 when the UK is suffering from serious inflation and the Russian – Ukraine tension has limited cod and pollock imports into this market.