In the second half of 2023, pangasius exports will recover as the market enters the ordering season for year-end consumption and major festivals. Pangasius export is forecasted to reach $1.77 billion, or $500 million less than the forecast from earlier in the year.
Source: Congthuong.vn
Pangasius (tra fish) exports have been struggling this year but, according to the Vietnam Association of Seafood Exporters and Processors (VASEP), are expected to see an increase in orders over the remaining months of 2023 as markets prepare for year-end festivals and holidays.
“In the second half, the rate of decline will gradually narrow over the same period last year as markets enter into the order season for year-end consumption,” said VASEP Communications Director Le Hang. “Under an optimistic scenario, if markets grow smoothly and farmers and businesses, including processors, are financially strong and can stand firm, exports may fetch $1.77 billion in value for 2023, or $500 million less than the forecast from earlier in the year.”
Pangasius exports to mainland China and Hong Kong (China) are showing positive signs at the moment. While exports to these two markets saw falls of 66 and 30 percent in April and May, respectively, year-on-year, declines were narrowed to 15 percent in both June and July.
VASEP has reported that Vietnam earned $1 billion from pangasius exports in the first seven months of 2023, down 37 percent year-on-year.
China remained the largest export market in the period, accounting for more than 30 percent of value, or $337 million, which was down 58 percent year-on-year. It was followed by the US with $162 million in value, down 20 percent.
However, positive signs have also been seen in Germany and Singapore, with year-on-year increases of 32 percent and 3 percent, respectively.
(VnEconomy)
Read more: Seafood Industry Report