| Pangasius exports make good use of CPTPP Pangasius exports to UAE market grow strongly |
Pangasius export market is flourishing.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in June 2024, Vietnam's pangasius export turnover reached nearly 172 million USD, an increase of 20% over the same period in 2023. In the first 6 months of this year, our country's pangasius export turnover reached 918 million USD, an increase of 5% over the same period last year.
Vietnamese Pangasius is a seafood product favored by many countries around the world . To date, Vietnamese Pangasius has conquered more than 140 markets around the world. Among them are traditional markets that are strict about food safety and technical regulations such as the US, EU and Japan.
In the first 6 months of 2024, in terms of export markets, China and Hong Kong (China) are still the largest consumer markets of Vietnamese pangasius, with a turnover of 258 million USD (but still down 8% compared to the same period last year).
The second largest import market for Vietnamese pangasius is the US, with a turnover of 160 million USD, an increase of 14% over the same period in 2023.
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| Pangasius exports to major markets all increased sharply. |
Third place is the CPTPP bloc. In the first half of June 2024, Vietnam's pangasius export turnover to the CPTPP market reached 12 million, up 23% over the same period in 2023. As of June 15, 2024, the cumulative export of pangasius to the CPTPP market reached 114 million USD, up 10% over the same period. Of which, Mexico is the country that imports the most Vietnamese pangasius with a value of 31 million USD, up 7%; Japan imported 18 million USD, up 35%; Canada imported 18 million USD, up 15%... Accordingly, in the first 6 months of 2024, CPTPP spent 128 million USD to import Vietnamese pangasius, up 11% over the same period last year.
In the last 6 months of 2024, pangasius exports to the CPTPP bloc are expected to continue to increase as prices and demand gradually stabilize. VASEP emphasized that businesses need to improve their competitiveness and study the benefits that this FTA brings in terms of tariffs to seize opportunities and increase exports.
CPTPP is an important stepping stone for pangasius exports to take off.
According to Ms. Nguyen Thi Thu Hang, a pangasius market expert of the Vietnam Association of Seafood Exporters and Producers, in 2024, pangasius exports will begin to recover and flourish in a number of markets; including the market block under the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP). The implementation of Free Trade Agreements (FTAs) creates favorable conditions for businesses to expand and diversify markets, bringing Vietnamese seafood in general, and pangasius in particular, deeper into the global production and supply chain. In particular, CPTPP is considered an important stepping stone for the seafood industry, including pangasius, to "take off".
Not only that, Vietnamese pangasius also flourished in some traditional markets, bringing significant exports to Vietnam in the first 7 months of 2024; including the United Arab Emirates (UAE) markets and countries in the West Asian market, along with countries in the Middle East and Africa, even when the CEPA Free Trade Agreement is still under negotiation and has not been signed.
According to statistics from the Vietnam Association of Seafood Exporters and Producers, Vietnam is the largest supplier of pangasius products in the UAE market, accounting for about 40-50% of the total supply of pangasius and this market. It is estimated that by the end of July 2024, the export turnover of pangasius to the UAE market is estimated to reach more than 15 million USD, an increase of 47% over the same period in 2023. At the same time, not only the UAE market, but also the Chinese market - Vietnam's traditional pangasius export market - is also assessed by businesses to have had remarkable growth in the first 7 months of 2024.
According to VASEP, in the last 6 months of 2024, Vietnam's pangasius export volume will continue to increase due to high demand from major markets such as China and ASEAN.
In the first 6 months of 2024, the average price of raw pangasius was about 27,700 VND/kg, about 1,000 VND/kg lower than the same period but still much higher than the price of about 26,000 VND/kg at the end of 2023. Currently, according to VASEP, farmers have made a profit so they have harvested fish to serve the needs of processing for export, leading to an increase in pangasius output in the first 6 months of this year.
According to data from the General Department of Customs, Vietnam's total pangasius export turnover in 2023 to markets reached more than 1.8 billion USD, down 25% compared to 2022. Vietnam's pangasius products are exported to 146 countries and territories around the world. Of which, many pangasius products are favored by markets such as the US, China, Singapore, etc. In 2023, Vietnam's pangasius farming area will reach 5,700 hectares, equal to 98% compared to 2022, with an output of 1.71 million tons, up 0.6% compared to 2022 (1.7 million tons). This shows that pangasius farming productivity is increasingly improving. The popularity of pangasius and the efforts of the Vietnamese business community to export pangasius to many markets around the world have helped this industry bring in a large amount of foreign currency each year. With an export turnover of 1.5 - 2.4 billion USD/year, pangasius alone accounts for 16 - 26% of the total export value of Vietnam's seafood. In fact, the main markets and market groups importing Vietnamese pangasius include: China and Hong Kong (China), the US, CPTPP, EU, ASEAN, the Middle East, Mexico, Brazil, the UK and Russia. In addition, the number of Vietnamese enterprises exporting pangasius has increased continuously in recent years. Specifically, in 2020, there were 320 enterprises exporting pangasius, in 2021 it increased to 380, in 2022 it was 435 and in 2023 the number of enterprises reached 434. |
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