Pangasius exports to US enjoy record prices

The average price of Vietnam’s tra fish (pangasius) exported to the US increased sharply in the first quarter of this year to the highest ever level of US$4.5 per kilogramme, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Exports to the market grew by 123% year-on-year to US$160 million since demand was high and supply was modest. Increased transportation costs due to the impact of COVID-19 was a contributing factor to the increase in prices, not only to the US but to all markets.

Exports to the EU market fetched US$2.9-3.45 per kilogramme.

Total exports topped US$646 million, year-on-year growth of 88%, according to VASEP.

The high global demand drove up the average export price of frozen pangasius fillet to US$3.4, US$0.25 higher than in January this year.

In the Chinese market too, prices are much higher than last year, ranging from US$2.4 to US$3.25 per kilogramme compared to US$1.9 - 2.7 a year earlier.

After falling for many exports to the EU jumped by 86.2% in the first quarter of 2022 to US$46.7 million, with huge increases seen in shipments to all the major markets in the bloc like the Netherlands (86%), Germany (97%), Belgium (120%), and Spain (67%).

It is forecast that the demand for essential goods, including food and seafood, will increase sharply in the EU providing a good opportunity for Vietnamese companies to export frozen pangasius, VASEP said.

In the second quarter too exports to these major markets are likely to rise sharply due to a shortage of cod and pollock supply from Russia.

Duong Nghia Quoc, Chairman of the Vietnam Pangasius Association, said China has large demand for Vietnamese pangasius, and, along with the promotion of trade relations between the two countries, it is also essential to provide information about China’s zero-COVID policy and food safety and hygiene regulations to local businesses.

The price of commercial pangasius in the domestic market rose by 40% this year to VND30,000 per kilogramme.