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Pangasius has many export advantages amid inflation storm

08/08/2022

Unlike shrimp, pangasius material is not a big issue, but import demand tends to slow down in several markets. Pangasius exports slowed down in the second quarter of 2022. In July, pangasius exports reached USD 197 million, an increase of 56%, accumulated until the end of July 2022, reached over USD 1.6 billion, an increase of 79% over the same period in 2022.

“When inflation is too high in many markets and export prices tend to increase in countries, consumer demand will change, they will tighten their spending and switch to affordable products such as frozen pangasius fillets or fish cakes, surimi, as well as some other frozen products, etc.”, Ms. Le Hang said.

As of the end of July 2022, tuna exports increased by 53% to USD 641 million, squid and octopus exports increased by 31% to USD 417 million and other marine fish species increased by 16% to over USD 1.1 billion. Thus, exports of tuna, other marine fish and squid and octopus still maintained a high growth rate from 3744% in July.

Inventories increase along with inflation has impacted import demand of the US since June, causing exports to this market to decrease by 8% in June, and fall deeply by 23% in July. Accumulated over 7 months, exports to the US reached nearly USD 1.5 billion, an increase of 31% over the same period last year.

Seafood exports to the EU maintained a growth rate of 28% in July, the cumulative export value of 7 months reached USD 829 million, an increase of 39% over the same period in 2021. After the first seven months of the year, seafood exports to China have reached USD 1 billion, an increase of 71% over the same period last year.

However, the scarcity of raw materials for shrimp and seafood will continue to dominate export results in the third quarter. Therefore, exports in the third quarter will grow slower than in the second and first quarters, estimated at about USD 3 billion, said Ms. Le Hang.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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