Vietnam: Pangasius exports to the UK increased dramatically

Published 2023년 3월 6일

Tridge summary

The UK is experiencing positive growth in imports of Vietnamese seafood, particularly pangasius, with a 22% increase in the first two months of 2023 despite a decrease in exports to the top 10 largest markets. This growth is due to the UK being Vietnam's 6th largest market, and pangasius accounting for 4.5% of export value to these markets. The UK's high inflation rate has shifted consumer trends towards frozen seafood, especially among older demographics. Vietnam's pangasius is expected to account for a higher proportion of the UK's total imports of white fish in 2023, due to the economic impact of inflation, the war between Russia and Ukraine limiting supply, and the preferential tariffs under the UKVFTA free trade agreement.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first two months of 2023, the UK is among the very few markets with positive growth in importing Vietnamese seafood. While exports to the top 10 largest markets all decreased by 18 - 50% over the same period, the UK - Vietnam's 6th largest market still maintained a growth rate of 22%. According to Ms. Le Hang, Communications Director of VASEP, by mid-February 2023, pangasius exports to the UK market reached nearly 7 million USD, accounting for 4.5% of export value to markets. Particularly in the first half of February, pangasius exports to the UK increased sharply, with 142% over the same period. In 2022, the UK is also in the top 6 import markets for Vietnamese pangasius, but accounts for only 2.6% with nearly 64 million USD, up 24% compared to 2021. The UK has one of the highest inflation rates among major economies. By January 2023, the inflation rate in this country was still 10.1%, 5 times ...

Source: Haiquanonline