According to the Vietnam Association of Seafood Exporters and Producers (VASEP), while pangasius exports grew strongly throughout 2022, they fell in the fourth quarter alone compared to the same period in 2021 due to the impact of inflation.
Ms. Le Hang, communications director of VASEP, said pangasius exports reached US$475 million in the fourth quarter of 2022, down 12% from the fourth quarter of 2021 and the year’s lowest level. The decline in pangasius exports will continue until early 2023. In January in particular, pangasius exports fell by 50% compared to January 2022.
However, pangasius is still credited with many market prospects in 2023. Fish products in this market include pangasius, the number one Vietnamese seafood product in the Chinese market.
Chinese tend to favor pangasius over tilapia (the country’s main farm product), which is also a good opportunity for Vietnamese companies to promote pangasius exports to China.
In the US market, the outlook for the white fish market in 2023 is expected to be positive, especially for fish with prices suitable for the tough economy, such as pangasius, tilapia, etc.
Southwind Food President Sam Galletti said pangasius and tilapia show promise in the US market this year thanks to stable supply. Americans only have to spend $15-20 to buy pangasius or tilapia, which is enough to provide protein for a family of 4-5 people.
The shortage of cod (an important fish in the whitefish market) due to sanctions against Russia and reduced catches is also helping open up opportunities for other whitefish species such as pollock, pangasius and tilapia in the US market.
It is worth noting that the US tends to increase imports of pangasius fillets compared to tilapia fillets. Information at the Global Seafood Market Conference (held in January 2023) said that in the 11 months of 2022, 120,000 tons of pangasius fillets were imported into the US, while 96,000 tons of tilapia fillets were imported into the US. This is the first time that the volume of pangasius fillets has exceeded the volume of tilapia fillets imported into the US market.
In addition to China and the USA, Pangasius also has prospects in a number of other important markets. Mr. Luu Van Khang – Trade Advisor, Vietnam Trade Office in Mexico, said Mexico committed to abolish taxes on pangasius and basa from the third year of the CPTPP, so this item was exempt from import tax into the country of Mexico.
This is an opportunity for Vietnam to further promote pangasius exports to the Mexican market. In 2022, Mexico is the third largest market for Vietnamese pangasius with an export value of USD 105.1 million to this market. In the structure of seafood products exported to Mexico, pangasius accounts for a staggering 82%.
A study published in 2021 by the Center for Coastal Research and Development shows that the average per capita consumption of seafood in Mexico has been 12 to 13 kg/year over the past eight years. Such seafood consumption is still low compared to other high-protein food sources such as pork, beef, and chicken.
According to Mr. Luu Vang Khang, although there are many seas and rivers in Mexico, there are few seafood markets, mainly people consume products that have been pre-processed or processed in supermarkets or convenience stores. Therefore, this is a potential market for Vietnamese seafood products.