EP 309 | AIRED 11/28/2016
China Surpasses EU as World’s 2nd Biggest Vietnam Catfish Importer, USA #1
November 28, 2016 - Welcome to The Tradex Foods
"3-Minute Market Insight"
This is Robert Reierson and here is the seafood news for the week of November 28th, 2016.
--- China has now surpassed the European Union to become the world's second biggest importer of Vietnamese Catfish, after the USA.
As of last month, Pangasius imports in China from Vietnam have grown a massive 76 percent compared to the same period last year, marking two years of consecutive growth.
In the USA, Vietnamese Pangasius exports to the USA were up 27 percent over last year.
The US Department of Agriculture took over Domestic pangasius inspections in March this year, which requires inspection of ALL foreign and domestic species of Catfish, compared to FDA who only inspected 1 to 2 percent of imports.
With continued steady growth and USDA catfish inspection program changes, the Vietnam Trade Promotion Office believes China will soon become the world's biggest buyer of pangasius.
--- According to leading buyers in China, the domestic market was small 5 years ago but is strong now and they see promising growth.
Chinese processors used to sell large volumes of Channel Catfish, but there are now markets for both Chinese Catfish and Pangasius domestically.
Channel Catfish has a high price point of $3.75/lb for 5-7oz fillets, compared to $1.54/lb in Boston for Pangasius fillets.
--- In terms of quality, most offers for channel catfish from the South of China are for 40-60 percent net weight, thus confusing the market with a variety of prices.
Many uneducated Catfish buyers in China purchase these fillets for stewing or soups, where high moisture content goes unnoticed.
In the Asian market, Channel catfish fillets will sell for 50 RMB per kg, compared to 35 RMB per kg for Vietnamese Pangasius.
In US dollars, this is about $1.00/lb difference with Catfish at $3.30/lb.
--- Expect High Anti-dumping duties, heightened USDA inspections, and growing global competition to pressure US Pangasius markets for the next fiscal year.
--- To Keep in theme, Our TradexLIVE offer of the week is for Sinbad Pangasius Fillets.
We have a HOT DEAL on 5-7oz and 7-9oz IQF Skinless, Boneless fillets in Los Angeles for $1.45/lb USD, with a minimum order of 2,500 lbs each size.
Click or tap the icon above to view this offer.
----Thank you for joining me for the Tradex Foods
"3-Minute Market Insight"
This is Robert Reierson - “BUY SMART” and “EAT MORE SEAFOOD"
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