Pangasius exports down 30%

Pangasius harvest output increased by 60% over the same period while exports decreased by 30%, causing difficulties for many businesses.

The information was given at a conference organized by the Vietnam Pangasius Association (VINAPA) in Dong Thap on the afternoon of November 10.

According to VINAPA, last year, pangasius exports achieved many records such as total turnover reaching 2.4 billion USD, keeping domestic prices high at 31,000-34,000 VND per kg. However, this year, the farming area increased by more than 85% compared to the same period last year at 5,300 hectares (as of the end of October), the harvested output was more than 1.3 million tons, an increase of 60%, while the export value only reached 1.4 billion USD. Currently, the price of pangasius purchased at the farmers' ponds has decreased to 26,500 VND per kg, equivalent to the production cost.

"Businesses are trying to contain losses, hoping that they can improve in the last 3 months of the year, but in the first 10 days of November, no business has had any new orders," said Ong Hang Van, Deputy General Director of Truong Giang Seafood Joint Stock Company.

Pangasius processing factory in Dong Thap. Photo: Ngoc Tai

Mr. Vo Hung Dung, General Secretary of VINAPA, said that the reason for the record increase in export value in 2022 is because after Covid-19, many businesses with inventory increased exports when the market reopened. "According to the cycle, when exports peak, they will decrease sharply 2-3 years later, but the world market is tight this year, goods are very difficult to sell," Mr. Dung said.

VINAPA said that the decrease in exports was due to the general difficulties of the world economy . The main markets for Vietnamese pangasius such as the US, EU, and China all reduced imports by 54%, 18%, and 25%, respectively. In addition, pangasius also faced fierce competition from other countries’ marine fish while their selling prices were lower.

The solution proposed by businesses is to focus on lowering production costs and reducing output to maintain export prices, while increasing advertising and trade promotion in major markets as well as finding niche markets.

Ngoc Tai

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