EP 587 | AIRED 05/02/2022
Vietnam Pangasius & Shrimp Update: Exports on the Rise
May 2nd, 2022 This week we report on Vietnam Pangasius and Shrimp as Pangasius exports are growing substantially in most major markets, and Shrimp exports are expected to reach 4 billion dollars US in 2022.
--- Pangasius exports have grown considerably in most major markets as the total value of exports of Pangasius increased by 94 percent in the first two months of this year reaching 384.8 million dollars US.
Pangasius exports into the US reached 94.57 million dollars US at the end of February, up 120 percent.
Also, as the latest outcome of the POR17 anti-dumping duty on frozen Pangasius fillets imported from Vietnam, more Vietnamese pangasius exporters now enjoy a 0 percent tax rate in the US market.
As a result, the value of Pangasius exported to the US market is expected to rise in upcoming months.
Overall we expect the price of Pangasius to rise over the next 6 months.
For the EU, in the first two months of this year, exports of Pangasius into the EU increased by roughly 76 percent to 28 million USD.
Pangasius exports to the Russian and Chinese markets are still currently experiencing bottlenecks since the conflict between Russia and Ukraine is having a significant impact on the Russian market, also while China has implemented their "Covid-zero" strategy.
As Pangasius farmers make their way back into the market fish prices may fluctuate - however as global inflation continues to rise, higher costs associated with producing fish will continue to keep pricing higher.
--- Moving onto Shrimp and overseas exports of Vietnam Shrimp products are expected to reach over 4 billion dollars US which would be up two-and-a-half percent year-over-year.
The main export product is Whiteleg Shrimp out of the Mekong Delta with stable pricing - however pricing is expected to be maintained at a high level.
Vietnam's Shrimp exports increased significantly in all major markets, including the US, EU, Japan, Korea, China, and the UK.
The US remained the largest shrimp importing partner of Vietnam, accounting for 21 percent of Vietnam’s total Shrimp export value. CHECK OUT OUR #WhatsGood CAMPAIGN
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As the US market reopened after COVID-19, the demand for seafood imports, especially Shrimp, increased.
Vietnam is still the 4th largest shrimp supplier in the US market - after India, Ecuador and Indonesia.
Shrimp exports to China also showed signs of recovery, up 14 percent reaching 39.7 million dollar US.
In 2022, it is forecasted that China's Shrimp imports will continue to trend upwards, however Vietnam exporters need to ensure they comply with China’s strict COVID policies.
This week's recommendation is to develop a buying program for Pangasius as pricing is anticipated to continue rising.
As inflation continues to ramp up, consumers looking for price relief at the grocery stores will find that Pangasius will hit the sweet spot for pricing without compromising on quality.
Talk to your Tradex Foods representative today about our premium quality SINBAD Brand Pangasius Fillets program.
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