Vietnam’s pangasius companies have an opportunity to increase their exports to the U.K., after its move to add tariffs to most Russian seafood, the Vietnam Association of Seafood Exporters and Producers (VASEP) said.
On 15 March, the U.K. announced 35 percent tariffs on numerous goods from Russia, in response to Russia invasion of Ukraine. The U.K. imported 432,000 metric tons (MT) of whitefish in 2020, with Russia accounting for 48,000 MT of the total, as well as an additional 143,000 MT of Russian-origin whitefish processed in China. Additional Russian whitefish likely comes into the U.K. through Norway, Poland, and Germany, according to VASEP.
With prices for Russian whitefish rising between 20 and 30 percent as a result of the tariffs, importers in the U.K. are struggling to find alternatives to ensure supply and minimize impacts, VASEP said.
“Therefore, it is a golden opportunity for Vietnamese pangasius companies to boost sales in this market,” the trade group said.
Vietnam’s pangasius exports to the U.K. rose in January and February, hitting USD 7.2 million (EUR 6.5 million), up 4 percent year-on-year. However, after 20 percent growth in January, sales in February declined 16 percent compared to the same month last year, VASEP said. Between 1 January and 15 March, 2022, Vietnam exported pangasius worth USD 9.5 million (EUR 8.7 million) to the U.K., down 9.3 percent year-on-year.
Vietnam’s pangasius exports to the U.K. declined 20.8 percent between 2020 and 2021, totaling USD 51 million (EUR 47 million).
Vinh Hoan, Van Duc Tien Giang and NTSF were among the leading pangasius exporters to the U.K. over January and February, according to VASEP. The number of pangasius companies from Vietnam shipping their products to the U.K. fell to 20 in the first two months of 2022, from 60 in 2021.
Photo courtesy of NizamRahman83/Shutterstock
