In the first half of 2023, pangasius exports just reached USD 888.5 million, accounting for 21.1% of the total seafood exports of the country, and highly down 38% from the same period last year.
According to VASEP, Vietnam’s pangasius exports have inched up from earlier this year, but were much lower than 2022. Looking back the previous year, Vietnam achieved as much as USD 2.4 billion from exporting pangasius, up 70% from 2021 and exceeded the 2021 peak of USD 2.26 billion.
VASEP said pangasius export value fell sharply in the first six months of 2023. Exports to the US saw a fast and constant slump. Once decline, exports to China are showing good signs. Amidst the global economic challenges, companies are managing and accepting small orders to secure jobs for employees.
According to the General Department of Vietnam Customs, by June 2023, Vietnam achieved USD 281 million from exporting pangasius to China and Hongkong, 34% less y-o-y.
In June 2023, China and Hongkong imported a USD 48 million worth of Vietnamese pangasius, down 4% from May and 15% less y-o-y. The 15% decline in June was lower than how much it fell in the previous month (it fell 30% in April and 60% in May).
China and Hongkong has remained the top positions in buying Vietnamese pangasius since 2020. These two markets showed the most growth rate among the major destinations of Vietnamese pangasius.
After a period of constant decrease from Sep 2022 to Jan 2023, the average exporting price in these two markets was stable and ranged between 2.11 – 2.29 USD/kg in the first five months of 2023, down 10% y-o-y. In May alone, the average price stayed at 2.29 USD/kg, up 0.4% from the previous month.
The seafood industry and pangasius sector will recover in the second half of 2022 when inventories reduce and orders are placed for year-end festivals. This is a good sign for a better view in the next few months.
As planned in 2023, the total farming area of pangasius will reach 5,600 ha, producing about 1.6 million tons of commercial pangasius. The total export value is estimated to reach USD 2.3 billion. However, the sector may find it hard to achieve this number.
VFM
