US edges back above China as top Vietnam pangasius market

Sep 18 2018

The US has edged back in front of China as the largest market for exported Vietnamese pangasius, data from the country's Association of Seafood Exporters and Producers (VASEP) shows.

From January to mid-August 2018 Vietnam exported nearly $1.3 billion worth of pangasius, a strong growth of 37% year-on-year.

“The pangasius industry may reach a breakthrough in 2018, with export value exceeding $2bn”, Nguyen Xuan Cuong, minister at Vietnam's agriculture and rural development, said at an industry conference held in August. Previously exports peaked in 2011, at $1.81bn.

In the first eight and a half months of 2018, total exports to the US were recorded at $287m, up 24% y-o-y.

China imported $283m worth of pangasius, up by 38%. The US and China each shared 22% of the total export value.

Exports to the EU have also shown signs of recovery since July, noted Vietnam's largest pangasius exporter, Vinh Hoan Corporation, with growth of 16% until mid-August.

In the first seven months of this year, the total value of pangasius exported to the EU reached $139.1m, up 16.5% over the same period in 2017. This is especially notable as it is the first time in three years exports have increased. 

Sales of pangasius to the Netherlands and Italy increased sharply by 43% and 83.1%, respectively.

Meanwhile, exports to Latin American markets dropped in the period, by 4% to Mexico, 32% to Brazil, and 2% to Colombia.

Vinh Hoan itself broke its own export record in July, reaching $41m in August, an 85% y-o-y surge. "Volumes picked up by 27% thanks to the abundant supply during harvesting season, and average selling price remained at high level," it said.

Pangasius fillet exports nearly doubled in export value, while other products also saw strong growth, such as fishmeal and fish oil (73%), and collagen and gelatin (174%).

Contact the author neil.ramsden@undercurrentnews.com

 

Source: https://www.undercurrentnews.com/ 2018/09/14/us-edges-back-above -china-as-top-vietnam-pangasius-market/