China and Hong Kong – The largest demanding importers for Vietnamese pangasius

26/10/2023

China and Hong Kong have maintained the top import markets of Vietnamese pangasius from 2019 until now and are the largest consuming markets of Vietnamese pangasius.

According to data from Vietnam Customs, in September 2023, Vietnam’s pangasius exports recorded the first positive growth since the beginning of this year, with a value of nearly 167 million USD, an increase of 1% year on year.

Cumulative exports of Vietnamese pangasius in the first 9 months of this year reached nearly 1.4 billion USD, down 31% over the same period last year. In particular, the main export product is still pangasius under code 0304 (except fish cakes and surimi products) reaching 1.1 billion USD in 9 months of this year, accounting for 82% of the proportion. In September 2023 alone, exports of this product to markets reached 135 million USD, down 4% year on year. This is also the lowest decrease recorded since the beginning of this year. Meanwhile, other export products also witnessed downtrends. In details, live, fresh, freeze-dried pangasius products (under code 03) (except fish under code 0304) reached 222 million USD, accounting for 16% of the proportion and other processed pangasius (under code 16) reached 22 million USD, accounting for 2% proportion.

Regarding consumption markets, in September 2023, Vietnamese pangasius exports to a number of main markets recorded positive double-digit growth such as China and Hong Kong, EU, Brazil, Mexico… In addition, other markets such as The US, CPTPP, Korea, and Singapore still recorded a decline of 3% – 54% compared to the same period last year.

In September 2023, China and Hong Kong imported 56 million USD of Vietnamese pangasius, an increase of 15% over the same period last year. By the end of September 2023, export turnover to China and Hong Kong reached 434 million USD, down 26% compared to the same period in 2022. China and Hong Kong continuously lead the top import and most demanding markets from 2019 until now.

As the second largest importer of Vietnamese pangasius, in September 2023 alone, the US bought nearly 23 million USD of Vietnamese pangasius, down 29% over the same period last year. High inventory in the US is the biggest factor declining the import demands of this country since the beginning of this year. Cumulative exports to this powerhouse in the first 9 months of 2023 reached 207 million USD, down 54% compared to the same period in 2022.

As one of the markets recording positive growth in September 2023, the EU recorded the stable consumption for Vietnamese export pangasius. In September this year, the EU consumed more than 14 million USD of Vietnamese pangasius, up 11% over the same period last year, up 9% over the previous month.

Overall, in the first 9 months of 2023, the EU imported 129 million USD of pangasius, down 19% over the same period last year. With positive export value growing again in September 2023, the EU is gradually returning to the race to import pangasius from Vietnam.

In the CPTPP market, although exports still decreased, the decrease narrowed to 4% in September 2023 with the export value of 21 million USD to this market. This was also the lowest decrease of this market sector since the beginning of this year. Notably, some markets in the CPTPP bloc recorded growth from 10% – 70% such as Japan, Mexico, New Zealand…

In September 2023, pangasius exports to some main markets showed positive signs of recovery after a long period of decline due to socio- economic fluctuations such as low growth due to declining aggregate demand, high inflation, tighten monetary policy, prolonged military conflict between Russia and Ukraine, geopolitical instability, food security, natural disasters, climate change…

According to the Vietnam Association of Seafood Exporters and Producers, among the main markets importing Vietnam’s pangasius, the Chinese market is still the biggest hope for Vietnamese seafood exporters. Since the reopened policy and the bounce back of trade activities, the China’s economy is hoped to revive in the end year months. Therefore, demand for seafood consumption of this country will be stimulated considerably.

Pangasius export businesses expect that signs of recovery in the last month of the third quarter of 2023 will push the growth of Vietnam’s pangasius exports in the last quarter of this year.

Source: Customs News