Vietnam increased exports of its pangasius products in the first two months of 2022, with sales to most of its major markets surging.
Through January and February, Vietnam exported USD 384.8 million (EUR 350 million) worth of pangasius, up 93.6 percent year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The U.S. remained Vietnam’s top pangasius market, purchasing USD 94.6 million (EUR 86 million) worth of pangasius in the period, up 119.7 percent year-on-year. VASEP forecasts that demand for pangasius in the U.S. will continue to grow in the first half of this year.
And following the final conclusion by the U.S. Department of Commerce (DOC), covering the DOC's 17th period review from 1 August, 2019, to 31 July, 2020, Vietnam has a total of four pangasius companies facing zero duty for pangasius export products to the U.S., including NTSF Seafoods, Vinh Hoan, Navico and Van Duc Tien Giang.
China (including Hong Kong) was the second-largest customer for pangasius from Vietnam in the first two months of 2022, with sales rising 239.6 percent year-on-year to USD 85.8 million (EUR 78 million). The increase in sales took place despite China implementing more-stringent food safety inspections on Vietnamese goods to curb an outbreak of COVID-19.
Combined sales of pangasius from Vietnam to countries under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) grew 51.4 percent year-on-year to USD 52.5 million (EUR 47.7 million) in the period. The trade pact, which includes Australia, Canada, Japan, New Zealand, Singapore, Mexico, Vietnam, Peru, Chile, Brunei, and Malaysia, became effective for Vietnam in January 2019. Mexico took in USD 18.3 million (EUR 16.6 million) worth of Vietnamese pangasius, up 23.3 percent year-on-year; Canada purchased USD 9.6 million (EUR 8.7 million) of Vietnam’s pangasius, 81.5 percent higher year-on-year; Australia pulled in USD 6.8 million (EUR 6.2 million) of Vietnamese pangasius, up 19 percent; and Malaysia imported USD 5.6 million (EUR 5.1 million), of Vietnam’s pangasius, up 165 percent.
Vietnam’s pangasius exports to the E.U. increased 76 percent year-on-year to nearly USD 28 million (EUR 25.5 million) in the first two months of 2022. The top E.U. markets for Vietnam’s pangasius included the Netherlands, with sales of USD 10 million (EUR 9.1 million), up 78.3 percent year-on-year; Germany, which purchased USD 3.4 million (EUR 3.1 million) worth of pangasius, up 98 percent; Belgium, with USD 2.8 million (EUR 2.5 million) in purchases, up 64.3 percent; and Spain, which purchased USD 2.7 million (EUR 2.4 million), 53 percent higher year-on-year. The growth came despite the fact that many Vietnamese pangasius companies previously exited the E.U. market due to losses in the market over the past two years.
Vietnam also sent more pangasius to Brazil, Thailand, the United Arab Emirates, and the United Kingdom in the first two months of 2022.
However, Vietnam’s pangasius companies have been heavily impacted by the COVID-19 pandemic for the last two years and are still struggling with high material pangasius prices due to a shortage of material for processing and high shipping costs, VASEP said.
Photo courtesy of VASEP
