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.
--- 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.
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.
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.CHECK OUT OUR #WhatsGood CAMPAIGN
Which Seeks To Spotlight Something “Good” Happening In The Seafood World As Opposed To Unfortunate News.
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.
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.
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