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3-Minute Market Insight

EP 622 | AIRED 01/09/2023

Pangasius Exports to US/EU Predicted to Decline, while Exports to China, Thailand, Singapore, Malaysia, Philippines to Ramp Up

Jan 9th, 2023 - Pangasius imports into the U.S. have seen the highest average price increase this year, largely due to a high import price compared to other seafood imports such as Shrimp, Tilapia, Cod, Salmon, and Tuna.

TradexLIVE Swai Fillets
--- According to the USDA (US Department of Agriculture), the average price of Pangasius fillets imported into the US for the first 10 months of 2022 reached $4.27/kg, an increase of 51 percent compared to the same period in 2021.

This makes frozen Pangasius fillets the seafood product with the strongest average price increase among all imported seafood products in the US.

However, November marked the first time that Pangasius exports have declined year-on-year, most likely due to the impact of inflation on markets.

US Imports of Pangasius Products

It is predicted that exports to major markets in Q1 2023 will decrease significantly due to reduced orders - particularly in the US and EU.

Despite inflationary obstacles in the US and EU markets, Vietnam remains optimistic about increasing exports to other markets.

LENT'S MAKE A PLAN TOGETHER! Lent runs from Feb 22 to April 6, 2023.

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China is expected to be the most promising market for Vietnam's fish exporting industry in 2023, after relaxing its COVID-19 testing and control regulations for imported goods.

On-top of the Chinese market, the top four ASEAN markets importing the most Vietnamese fish are Thailand, Singapore, Malaysia, and the Philippine - all of which have increased fish imports from 50 to 93 percent in the past 11 months.

US Frozen Pangasius Fillet Import, 2017-2022

In-addition, the US-China trade tensions and the EU's stricter food safety regulations are also expected to create opportunities for Vietnam's fish exporting industry in these markets.

With Lent under 2 months away, our recommendation is to consider your high value fish offerings.

Regularly check our TradexLIVE (The World’s Seafood Marketplace) for daily seafood offers or contact your Tradex Foods rep.

Top 4 ASEAN markets importing the most Vietnamese fish

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