Pangasius exports to Canada increased by nearly 70%
VASEP forecasts that exports of frozen pangasius to Canada in the first half of this year will be positive and promise to achieve new growth. As of mid-April, the total value of Vietnam's pangasius exports to this market reached USD 17.2 million, an increase of 69.4% over the same period last year.
According to Vietnam Association of Seafood Exporters and Producers (VASEP), Canada is the second largest export market in the CPTPP market bloc of Vietnamese pangasius enterprises. This is a well-priced seafood market with stable growth in North America.
Traditionally, Canada has a close trade relationship with two markets, i.e. the U.S. and China, and mainly products from the sea. However, in the past 3 years, Canadian importers have begun to seek and promote imports of farmed seafood, including pangasius and tilapia.
To date, Canada is a regular export market for more than 30 Vietnamese pangasius enterprises. In which, the 3 enterprises with the largest export value to this market in the first quarter of 2022 are: Vinh Hoan Joint Stock Company; NTFS Seafood Joint Stock Company and Truong Giang Fishery Holdings Corporation.
In the past two years, Vietnam's pangasius exports to Canada have slowed down due to the negative impact of COVID-19. But in the first quarter of this year, Vietnam's pangasius exports to this market resumed strong growth. The average export price of frozen pangasius fillets is relatively good, ranging from USD 3.15 to 3.35/kg.
Compared to other markets in the CPTPP, Canada imports quite diverse products such as: Frozen pangasius fillets, frozen pangasius slices/slices, dried pangasius maw, pangasius butterfly cut, etc. pangasius and Thai red curry sauce; pangasius with lemon parsley sauce; pangasius with ginger sauce, etc.
Currently, Vietnamese pangasius is still competing with many other white fish products in Canada, notably cod and haddock and tilapia products. However, in recent years, Vietnam's pangasius products are gradually taking up the market share of white fish products.
According to VASEP, due to geographical proximity to each other, close trade relationship, the US is still the market with the largest influence on Canada's seafood trade. Therefore, both Canada's seafood exports and imports are vulnerable to fluctuations in the US economy as well as changes in consumer demand and US seafood trade policies.
At least in 2022, pangasius exports to the US market are forecast to be optimistic, this trend is similar to exports to Canada..
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