Vietnam's pangasius exports increase sharply, mostly to the US and China

Exports of Vietnamese pangasius products to markets increased sharply in March (illustrative photo)

The Vietnam Association of Seafood Exporters and Producers (VASEP) has just cited customs figures showing that tra fish exports in March reached 182 million USD, up 21% compared to February and up 16% compared to the same period last year.

This growth was mainly driven by demand from two markets: China (including Hong Kong) and the US. These are also two countries that buy a lot of Vietnamese pangasius, with the main product being frozen fish fillets.

Of which, Vietnamese pangasius exports to China (including Hong Kong) in March increased by 61%, with over 21,000 tons. However, the average export price to China decreased by 4.2% to 2.04 USD/kg after 6 consecutive months of increase. In terms of value, the Chinese spent about 38 million USD to buy this item, up 6% compared to the same period last year.

In the US market, pangasius exports increased by 28% in March, reaching about 29 million USD. According to VASEP, Washington's 90-day postponement of the application of a 46% reciprocal tax on Vietnamese goods has given importers time to ship goods to the US and find new buyers from other markets.

Currently, the price of pangasius sold to the US is about 3.4 USD/kg. According to VASEP, if the US imposes a 46% tax, the price could increase by one and a half times, to 5.1 USD/kg, making it difficult for Vietnamese products to compete with other white fish products. Therefore, businesses may face difficulties as the more they export, the more they lose and have to study to reduce the proportion and change the market orientation.

VASEP believes that in addition to tariffs, consumer demand from China and the US also greatly affects the retail market situation. People in these two countries are familiar with the taste of white fish from Vietnam. Import value and volume from these two countries will be stable when good unit prices continue to be maintained thanks to tax incentives and trade agreements.

Therefore, the association expects Vietnam to soon reach a tax agreement with the US, while continuing to promote negotiations to upgrade the ASEAN-China Free Trade Agreement (FTA) version 3.0 (ACFTA). This will open up more opportunities for economic and trade cooperation for countries in the region, according to VASEP.

Apart from China and the US, pangasius exports to all markets increased sharply in March, from more than 55,000 tons to nearly 79,000 tons, up 23% over the same period last year.

Major markets all increased purchases compared to the previous month, of which ASEAN increased by 11%, the US by 28%, the EU by 73%, Brazil by 44%... The average export price also increased by 2% to 2.28 USD/kg.

TB (summary)

Source: https://baohaiduong.vn/xuat-khau-ca-tra-viet-nam-tang-manh-nhieu-nhat-sang-my-va-trung-quoc-410663.html