Pangasius exports to the US grow strongly

Pangasius exports to many markets have not been able to grow, but the US market has seen very strong growth and become the leading export market of Vietnamese pangasius.

According to the Vietnam Association of Seafood Exporters and Producers, by the end of October 2021, the total export value of Vietnamese pangasius reached US$1.21 billion, equivalent to the same period last year.

Of which, processed pangasius products for export decreased by more than 50%. In October 2021, the export value of pangasius only reached US$136.7 million, down 19.7% compared to the same period in 2020.

Regarding pangasius exports in 2021, the US is the brightest segment. In October, the export value of pangasius to the US market nearly doubled compared to the previous month.

In October 2021, the export value of Vietnamese pangasius to the US market reached nearly US$42 million, the highest among the top 10 largest pangasius export markets, nearly double compared to the previous month. By the end of October 2021, the total value of pangasius exports to US reached US$289.6 million, up 47.2% over the same period last year.

Ms Ta Ha, a pangasius market expert, said if the growth rate of pangasius exports to the US market in the fourth quarter is maintained, it is likely that the US will return to its position as the largest pangasius export market of Vietnamese enterprises.

According to Ms. Ta Ha, the US customers' demand for importing white fish products, including pangasius from Vietnam, is still quite good. The average export price of frozen pangasius fillets to the US has increased continuously since the second quarter of 2021. By the end of October 2021, the average export price of frozen pangasius to the US reached US$3.78/kg, an increase of US$0.55 - 0.58/kg compared to June 2021.

Unlike the US market, the export value of pangasius to the CPTPP markets in the first 10 months of 2021 decreased by 2.8% compared to the same period last year, reaching US$161.7 million, but the value of pangasius exports to some markets in the CPTPP has good growth and potential.

For example, the Mexican market is a typical example. By the end of October 2021, the total value of pangasius exports to Mexico reached US$54.88 million, up 49.5% over the same period last year. Pangasius export value to the Canadian market is also quite good, reaching US$26.7 million, up 8.8% over the same period in 2021. In addition, from the third quarter, the export value of pangasius to Singapore is starting to grow again after more than a year of stagnation or disruption due to Covid-19.

In addition to the three major export markets above, in the first 10 months of this year, even though pangasius processing factories suffered heavy consequences due to the pandemic affecting the entire chain from farming, transporting, processing, trading, and exporting, but enterprises still tried to promote exports to other potential markets such as Brazil, Thailand, Colombia, Russia and Egypt.

Since the end of July 2021, the Covid-19 pandemic has penetrated pangasius processing factories in the West, causing many businesses to close, or operate under the "3 on the spot" option or minimize wattage.

Although the import demand of many markets is relatively good, there is a shortage of workers and capacity cannot meet orders.

The export value of Vietnamese pangasius to China in recent years has also decreased sharply.

By the end of October 2021, the total value of pangasius exports to China - Hong Kong reached US$310.2 million, down 27.6% over the same period last year. In October, the export value of pangasius to China- Hong Kong decreased sharply by nearly 61%, reaching US$31.35 million, lower than the export value of pangasius to the US by more than US$10 million.

In 2021, China trade barriers were implemented for imported seafood products, causing many customers to suffer damage due to congestion, including Russian pollock, Norwegian salmon or even pangasius products of Vietnam.

Currently, the pandemic is breaking out in the western provinces, a number of seafood processing and exporting enterprises have had to reduce their scale after restoring production, seafood processing enterprises, including pangasius factories are struggling against the pandemic for safe production, while export activities are inevitably affected.