Pangasius export prices forecast to increase by 10% in second half

Wednesday, 08/05/2024 18:30
Vietnam’s pangasius exports reached 411 million USD in the first quarter of 2024, down 2.5% from the same period in 2023, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Situation of pangasius exports is expected to be better from the third quarter of 2024, leading export prices to increase by at least about 10% compared to current prices.

Pangasius exports are forecast to grow from the third quarter of 2024.

In the first quarter of 2024, frozen filet is still the main product of Vietnam’s pangasius exports, accounting for an 80% proportion. For processed pangasius, export turnover in the first 3 months of this year reached 9 million USD, up 16% over the same period, accounting for a 2% proportion.

In addition to large markets of Vietnamese pangasius such as China, the US and the EU; Thailand, the United Arab Emirates (UAE) and Germany are small but potential markets.

Thailand is one of the world’s leading tourist destinations, and continuously tops the ASEAN bloc on consumption of Vietnamese pangasius due to commonalities in Asian tastes.

In January 2024, Vietnam continued to top the supply of white meat fish (mainly pangasius) to Thailand with more than 3,000 tons, far ahead of other countries in the race to export white meat fish to Thailand.

For the UAE market, room for pangasius export remains as 90% of the food consumed in this market comes from imports. The UAE's average seafood consumption per capita is 28.6kg a year, higher than the global average.

In addition, one market with recommended focus on competitive pricing to increase export turnover in 2024 is Germany. In 2023, Germany consumed 38 million USD worth of Vietnamese pangasius, an increase of 31% against 2022. Germany mainly imports frozen filet products worth nearly 37 million USD, an increase of 34% against 2022, accounting for 97 million USD./.