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3-Minute Market Insight

EP 548 | AIRED 07/26/2021

COVID-19 Outbreak in Vietnam Disrupting Production; Pacific Halibut Update

July 26, 2021 ---- This week we report on how recent COVID-19 outbreaks in Vietnam are affecting the supply chain - and we also report on Pacific Halibut as the fishery surpasses 12 million pounds harvested, yet frozen inventories continue to be problematic.

--- Starting with Vietnam.

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Buyers that switched from Chinese to Vietnamese production in order to mitigate the congestion in Dalian continue to again endure slow production and long delays before shipping.

Due to COVID-19 outbreaks in and around plant areas, value-added processing plants in Vietnam have seen their facilities temporarily shutdown, to having to limit the number of employees working, to even restricting employees from leaving the plant.

Companies that have moved their production to Vietnam and are producing value-added Cod, Pollock, Tuna and Salmon should expect dramatic delays on those species production and delivery.

Shrimp and Basa/Swai will also be short, though the demand remains high.

The market is already feeling the effects of raw material shortages, production shortages, and freight container shortages in China to the EU and North America.

This in turn has increased pricing dramatically on finished goods.

Bristol Bay Sockeye Salmon

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Vietnam was just beginning to become a potential rising star for Cod, Pollock and Salmon portion business.

Now with the shutdowns and looming price increases and overall plant shutdown shortages, this will all be a much longer process now.

Our recommendation is to secure offers in the marketplace immediately - and as you require, as prices are not looking to trend downwards anytime soon.

--- Moving onto Halibut.

Over 12 million lbs of Pacific Halibut have already been harvested surpassing the pace of last year by 3 million lbs however securing frozen halibut inventories continues to be problematic.

Pacific Halibut Harvest

A steady increase in grounds prices in Alaska has forced processors to put Halibut in the fresh market with zero resistance.

Most Halibut fisherman switch over to Salmon during the peak runs, then return back to fishing halibut when the Salmon run dies down, so we may see a little slow down in inventories to market.

How To Fillet A Whole Salmon - Bristol Bay Sockeye Salmon

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