Vietnam: Pangasius exports are forecasted to bounce back at the end of the year
Published 2024년 5월 22일
Tridge summary
The article provides an overview of the current state and future projections of Vietnam's pangasius exports, as discussed by the Vietnam Association of Seafood Exporters and Producers (VASEP). It highlights a anticipated uptick in export values starting from the third and fourth quarters of 2024, with an expected increase in price by at least 10% amidst rising costs like labor, gasoline, and logistics.
The first quarter of 2024 saw a slight decline in pangasius exports, with China and Hong Kong consuming less, despite being the largest markets. However, the US market showed resilience, leading to a 25% increase in the first two months of 2024. Additionally, there was notable growth in VAT processed pangasius exports to China, Hong Kong, and the US. Germany emerged as a promising market, with a 31% increase in consumption in 2023.
VASEP urges businesses to strategize reasonable export prices, considering the potential impact of inventory pressure and the need for sustainable supply. They also recommend reducing production to match market demands and being transparent about potential raw material shortages to help increase selling prices. This approach aims to ensure a stable supply and demand balance while navigating the challenges of high costs and uncertain export scenarios.
The first quarter of 2024 saw a slight decline in pangasius exports, with China and Hong Kong consuming less, despite being the largest markets. However, the US market showed resilience, leading to a 25% increase in the first two months of 2024. Additionally, there was notable growth in VAT processed pangasius exports to China, Hong Kong, and the US. Germany emerged as a promising market, with a 31% increase in consumption in 2023.
VASEP urges businesses to strategize reasonable export prices, considering the potential impact of inventory pressure and the need for sustainable supply. They also recommend reducing production to match market demands and being transparent about potential raw material shortages to help increase selling prices. This approach aims to ensure a stable supply and demand balance while navigating the challenges of high costs and uncertain export scenarios.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
It is forecasted that pangasius exports is forecasted to be better from the third and fourth quarters of 2024, leading to the uptrend being adjusted to increase by at least about 10% compared to the current price. Pangasius export value increased impressively According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first quarter of this year, frozen fillet products are still the main product of Vietnam's pangasius exports to markets, accounting for 80% of the proportion. By the end of March 2024, exports of frozen pangasius fillets/cuts reached 329 million USD, down 5% over the same period. Regarding export markets, China and Hong Kong (China) are still the largest consuming markets of Vietnamese pangasius, but export volume decreased sharply. In March 2024 alone, pangasius exports to China decreased by 22%; The average export price was at 1.94 USD/kg, down 1.5% compared to the end of 2023. The second largest export market of Vietnamese pangasius, ...
Source: WTOCenter
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