Vietnamese Pangasius made a breakthrough in the first half of the year thanks to the increase in export prices

In the first six months of 2022, Vietnamese pangasius was exported to 136 markets, earning USD 1.4 billion in value, an increase of nearly 77% over the same period in 2021 reported the Vietnam Association of Seafood Exporters and Producers (VASEP). The average export price increased. Strength is the main factor that helps the value of pangasius exports to markets increase sharply.

The markets of China and the United States (US) account for 55% of Vietnam’s pangasius exports. In which, China accounted for 30% with nearly USD 428 million, up nearly 79% over the same period; in the other hand, the US accounted for 25% with USD 356 million, more than two times higher than in the first half of 2021.

“The sharp increase in the average export price is the main factor that helps the export value of pangasius to the markets increase sharply. The average export price of frozen pangasius fillets to the Chinese market in the first half of this year was USD 2.45/kg, up 37% from USD 1.79/kg in the same period in 2021.”

The price of pangasius fillets exported to the US market averaged USD 4.66/kg, up 60% from USD 2.93/kg in the same period in 2021. The average export price of pangasius fillets to other markets increased from 28 – 66%.

Factors driving the increase

Inflation increased to a record in the US, food prices increased by 20-30%, pangasius increased by 22% compared to the beginning of the year in retail supermarket chains. This is one of the factors driving the increase in the price of US pangasius imports from Vietnam.

“Export price of frozen pangasius to the US market also increased to USD 4.6 – 4.89 /kg in Q2/2022. However, it is forecasted that in Q3/2022, this average export price will decrease due to a sharp decrease in domestic raw material prices by nearly 10,000 VND/kg compared to the previous quarter.”

Vietnam mainly exports frozen pangasius fillets; frozen pangasius cut/cut; frozen breaded pangasius; dried puffy pangasius, fried pangasius skin to the US market.

Except for exports to Russia, which decreased by 30% due to the impact of the conflict in Ukraine, all other markets increased strongly in importing pangasius from Vietnam.

Mexico and Thailand improve their figures

Right behind the US and China are Mexico and Thailand, both of which have made a breakthrough in importing pangasius from Vietnam. In which, pangasius exports to Mexico increased by 81%, to Thailand by 90%.

These two markets account for 3.7% and 4.4% of pangasius exports, respectively. Although accounting for a small proportion, along with the boom in imports from other markets such as the Netherlands, increased by 74%, Canada increased by 109% and most markets grew by 2-3 digits.

“The group of frozen pangasius fillets and cuts (HS code 0304) accounted for more than 88% with USD 1.25 billion, up 84% over the same period in 2021; export of fresh/whole/dry pangasius with HS code 03 (except HS0304) accounted for nearly 10.8% with USD 154 million, up 30%; the rest processed pangasius (breaded pangasius, fish skin, fish stomach, etc.) accounted for 1.4% with USD 21 million, up 111%.”

In the first 6 months of this year, more than 300 Vietnamese companies participated in exporting pangasius. Top five enterprises include Vinh Hoan Joint Stock Company accounting for 16% of sales, East Sea Seafood accounted for 6%; Van Duc Tien Giang Export City Processing accounted for 5%; Investment and Development Joint Stock Company IDI country accounted for 5%; and Nam Viet Joint Stock Company accounted for 4.7%.