In the first 4 months of 2023, Vietnam pangasius exports brought in nearly 570 million USD, down 41% compared to the same period last year. The world market is still heavily affected by inflation and economic slowdown, causing a decrease in seafood consumption demand, leading to a decrease in the volume and price of Vietnam's pangasius exports during this period. Vietnamese pangasius exports to many markets was continuously at a lower rate compared to the same period in 2022.

By the end of April 2023, exports to the two largest markets of Vietnamese pangasius, China and the US, also fell deeply. Pangasius exports to China & Hong Kong only reached $183 million, down 39% over the same period last year. The US market also reduced imports of Vietnamese pangasius because of high inventory, reaching $86 million, down 64% compared to the same period in 2022.

Pangasius exports to the EU market reached 60 million USD, down 8% compared to the same period last year. Exports to many markets in the bloc decreased from 13% to 31%, except for Germany, which increased by 78%. Many key markets have reduced imports of Vietnamese pangasius such as the Netherlands by 22%, Belgium by 13%, Spain by 30%.

Beside the EU, Vietnam's pangasius export turnover to some other main markets in the first 4 months of 2023 also experienced a negative double-digit growth compared to the same period last year such as: to Mexico down 45%, to Canada down 51% , to Japan down 15%, to Brazil down 33%, to Thailand down 49%.

In addition to the German market, Singapore and the UK are also two bright spots for Vietnamese pangasius exports. Specifically, by the end of April 2023, pangasius exports to the UK reached 22 million USD, up 13%, to Singapore reached 12 million USD, up 20%. Although among the high inflation rate countries, the UK still increased imports of Vietnamese pangasius with a double-digit growth.

Exports of all pangasius products have negative double-digit growth. In which, exports of frozen pangasius fillets/cuts (HS code 0304) reached $471 million in the first 4 months of 2023, down 45%. Export of fresh/frozen/dried pangasius (HS code 03) reached USD 89 million, down 9%, export of processed pangasius (HS code 16) reached USD 9 million, down 23%.

The consequences of prolonged inflation and high inventories are one of the difficulties for the seafood industry, including pangasius. Vietnamese seafood farmers and businesses are facing challenges from a declining market, high raw material costs and other input costs, a sharp drop in profits, a lack of capital to turn over production and business.

In the current context, the pangasius industry really needs the cooperation and support of the Government and state agencies as well as the companion and consensus of farmers and businesses.

Source: VASEP