Vietnam's pangasius exports grew strongly in May, with sales in China increasing by 20%

Published 2024년 6월 26일

Tridge summary

Vietnamese consulting agencies see China as a key market for the recovery of the country's pangasius industry. Despite economic challenges in China leading to more frugal consumers, pangasius products have found a niche due to their lower cost. However, the export price of pangasius has not significantly improved, with a 3% rise in March, followed by a decline in April and May. In May, the average export price fell by 2% to $2.13/kg. Despite this, the pangasius export value to China and Hong Kong in May increased by 5% year-on-year to $167 million, contributing to a 2% year-on-year increase in the cumulative export value in the first five months to $747 million. However, the average price in the Chinese market decreased by 18% year-on-year to $1.88/kg. The US and EU markets saw declines in pangasius sales and prices in May. Despite these challenges, exports to the CPTPP market increased by 9% year-on-year to $103 million from January to May.

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

Original content

Vietnamese consulting agencies believe that the Chinese market is crucial to the recovery of Vietnam's pangasius industry. In Chinese retail stores, the price of pangasius is generally lower than that of domestically farmed freshwater fish. However, China's economic performance has been weak this year, and consumers have become more frugal and unwilling to buy high-priced goods. Importers focus on the purchase of cheap goods. Pangasius products are recognized by consumers at a lower cost, and have established a more solid foundation in the Chinese market. On the other hand, the export price of pangasius has not improved significantly. Only in March this year, the price rose by 3% month-on-month. In April and May, the price fell again. In May, the average export price of all specifications of products (including ASC-certified fish fillets) fell by 2% month-on-month to $2.13/kg. The Vietnam Association of Seafood Export Producers (VASEP) said that the export value of pangasius in ...

Source: Foodmate