Vietnam’s pangasius exports to the United Kingdom are up 229 thus far in 2022.
The fish has become a favorite alternative for consumers in the country, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s U.K. pangasius exports in August reached USD 7 million (EUR 7 million) in value, up 228.9 percent year-on-year. August was Vietnam’s fifth-consecutive month of positive year-over-year pangasius sales to the U.K.
In the first eight months of 2022, Vietnam shipped pangasius worth USD 47 million (EUR 47 million) to the U.K., up 28 percent from a year earlier.
Due to spiraling inflation in the U.K, consumption of shrimp, tuna, and seafood products from Vietnam has slowed, but sales of pangasius have increased thanks to its “affordable price” compared to whitefish species, VASEP said.
Mostly grown in Vietnam’s Mekong Delta region, pangasius has won out in the U.K. partly due to a shortage of whitefish following the imposition of high tariffs on Russian imports.
In July 2022, the U.K. introduced a round of sanctions against Russia in the wake of its Ukraine invasion, with the measures including an additional 35 percent tariff on Russian whitefish imports.
The tariffs apply to direct seafood imports of Russian origin, with fish caught by Russian vessels and shipped directly to the United Kingdom being regarded as Russian-origin, and therefore subject to the additional duties. However, Russian-caught products that are substantively processed in another country are not considered of Russian origin, and as such are not expected to incur additional tariffs.
In August, Vietnam exported seafood worth USD 34.14 million (EUR 34.14 million) to the U.K., up 61.7 percent year-on-year. Its seafood export value to the U.K. over the January-August period reached USD 210.2 million (EUR 210.2 million), 2.2 percent higher year-over-year, Vietnamese customs data showed.
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