Vietnam’s pangasius exports decreased in October on lower sales to major markets, including China and countries belonging to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnam shipped USD 136.7 million (EUR 121 million) worth of pangasius in October, a decline of 19.7 percent from the same month last year, according to data from Vietnam Association of Seafood Exporters and Producers (VASEP). Vietnam’s total sales in the first 10 months of 2021 stood at USD 1.21 billion (EUR 1.1 billion), unchanged from 2020.
Vietnam’s pangasius shipments to China (including Hong Kong) fell 61 percent year-on-year to USD 31.4 million (EUR 27.8 million). Sales to China also dived 27.6 percent year-on-year to USD 310.2 million (EUR 274.6 million) between January and October as China strengthened its inspection measures on fears frozen seafood cargoes from Vietnam and other countries could bring COVID-19 into the country.
Vietnam’s pangasius shipments to CPTPP markets in the first 10 months of 2021 dropped 2.8 percent year-on-year to USD 161.7 million (EUR 143 million). The agreement, which became effective for Vietnam in January 2019, includes Australia, Canada, Japan, New Zealand, Singapore, Mexico, Vietnam, Peru, Chile, Brunei, and Malaysia.
Mexico and Canada are the two exceptions within the CPTPP bloc where Vietnam increased its pangasius exports thus far in 2021. The value of the pangasius exports to Mexico in the period was USD 54.9 million (EUR 48.6 million), up 49.5 percent year-on-year, while sales to Canada surged 8.8 percent to USD 26.7 million (EUR 23.6 million).
In October 2021, the U.S. remained the top destination for pangasius from Vietnam, with sales of USD 42 million (EUR 37.2 million), nearly doubling from September this year. Between January and October 2021, the U.S. bought USD 289.6 million (EUR 256.3 million), worth of Vietnamese pangasius, up 47.2 percent year-on-year.
VASEP said if the export momentum is sustained in the fourth quarter of 2021, the U.S. is likely to overtake China to become the top market for Vietnamese pangasius. Demand for whitefish species remained strong in the U.S., resulting in an increase in export prices of pangasius beginning in Q2. As of October 2021, the average price of frozen pangasius sold to the U.S. was USD 3.78 (EUR 3.34) per kilogram, up by between USD 0.55 and USD 0.58 (EUR 0.48 and EUR 0.51) per kilogram from June 2021, according to VASEP.
Vietnam’s pangasius industry is adjusting to a new policy introduced by Vietnam’s government to “co-exist” with COVID-19 following a massive outbreak in the country over the summer and early fall and more-recent flare-ups in the Mekong Delta, including in seafood factories. VASEP said the new outbreaks will affect pangasius production and has called for a more-intensive vaccination campaign for seafood workers to reduce the impact of the coronavirus on the sector.
Photo courtesy of VASEP
