Vietnam's November pangasius exports fell to the lowest level thus far in 2022, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
In November, Vietnam shipped less than USD 8 million (EUR 7.6 million) worth of pangasius. Though the monthly growth was the lowest so far this year, it is still up 12 percent from a year ago.
Sales had been strong in the first half of 2022, excluding February, with monthly export values ranging between USD 12 million (EUR 11.4 million) and USD 16 million (EUR 15.2 million). But a contraction began in July, and sales fell to lower levels in September and November, data from VASEP showed.
Due to growth in the first six months, Vietnam’s pangasius sales to the Middle East soared 66 percent year-on-year to nearly USD 127 million (EUR 120.7 million) between January and November, accounting for almost 6 percent of Vietnam’s total pangasius export value in the period.
The value of frozen fillets accounted for 91 percent of the total sales, followed by whole frozen pangasius wat 8 percent, and processed pangasius accounting for 1 percent.
The top destinations by value for pangasius from Vietnam in the first 11 months of 2022 included Egypt at USD 35 million (EUR 33.3 million), up 35 percent year-on-year; the U.A.E. at USD 29 million (EUR 27.6 million), 30 percent higher year-on-year; and Saudi Arabia at more than USD 19 million (EUR 18 million), a 165 percent year-on-year increase.
Economies in the Middle East region have benefited from a global oil supply crunch due to Russia's invasion of Ukraine and subsequent sanctions, causing oil prices to increase. As a result, rising global inflation has had a lower impact on the Middle East. Vietnam sent seafood worth nearly USD 290 million (EUR 275.6 million) to the Middle East in the period through November, up 44 percent year-on-year.
VASEP said the oil and gas markets are forecasted to stabilize and economic growth in the Middle East will not be as robust in 2023. However, pangasius exporters from Vietnam remain optimistic that demand from the Middle East will remain steady in 2023, VASEP said.
Photo courtesy of Dzung Dang/Shutterstock
