China became the world's top buyer of pangasius from Vietnam in the first quarter of 2022, surpassing the United States.
Vietnam exported pangasius worth USD 183.4 million (EUR 170.6 million) to China (including Hong Kong through the first three months of 2022, up 163 percent year-over-year. In March alone, Vietnam exported USD 97.5 million (EUR 90.7 million) worth of pangasius to china, an increase of 119 percent year-on-year, according to data from the Vietnam Association of Seafood Exporters and Producers (VASEP).
The growth in sales took place despite China's implementation of a strict food import-control regime as part of its zero-COVID policy. As many as 52 seafood cargoes, sent by 36 Vietnamese companies, were rejected by Chinese authorities between 1 January and 11 March, 2022, with Chinese Customs saying it found traces of COVID-19 not only on the packages, but also on the seafood inside the containers.
Vietnam's pangasius sales to the U.S. also saw an uptick, reaching an export value of USD 160 million (EUR 148.8 million) in the first quarter, jumping 123 percent year-on-year.
Similarly, Vietnam's pangasius exports to the E.U. rose 86.2 percent year-on-year to USD 46.7 million (EUR 43.4 million) in the first three months of 2022. It sent 86 percent more pangasius to the Netherlands, 97 percent more to Germany, 120 percent to Belgium, and 67 percent more to Spain.
VASEP said the country's pangasius exports are expected to continue to grow in Q2 2022 thanks to growing demand. The removal of Russian whitefish from the global market due to sanctions stemming from Russia’s invasion of Ukraine, has left supply gaps that pangasius can fill, it said. Earlier this month, VASEP said a whitefish shortage in the U.K. is a “golden opportunity” for pangasius exporters from Vietnam.
Due to high demand and increased sales, local farmers in Vietnam are making significant profits from their farming, following years of losses. The average production cost of a kilogram of pangasius was VND 24,500 (USD 1.06, EUR 0.99) as of mid-April 2022. However, farm-gate prices of pangasius in the Vietnamese province of Dong Thap in the Mekong Delta were at between VND 31,000 and VND 32,500 (USD 1.34 and USD 1.41, EUR 1.25 and EUR 1.31) per kilogram in the middle of April. The average export price of pangasius in April was USD 3.40 (EUR 3.20) per kilogram, up by USD 0.25 (EUR 0.23) per kilogram from January, VASEP said.
Photo courtesy of VASEP
