Catfish exports in June 2023: Decline narrowed compared to the same period last year

Vietnam’s catfish exports in June 2023 reached 143 million USD, a 33% decrease compared to the same period last year.

The value of catfish exports to major markets in June 2023 has been gradually closing the gap with the figures achieved during the same period last year. In June 2023, the export turnover of catfish to China & Hong Kong reached 48 million USD, a 15% decrease; exports to the United States reached 23 million USD, a 51% decrease; exports to the CPTPP market bloc reached 21 million USD, a 39% decrease compared to the same period last year.

The export turnover of Vietnam’s catfish to China & Hong Kong, which decreased by 66% in April 2023 and 30% in May 2023 compared to the same period in 2022, reduced only by 15% in June. This populous country has always been the top consumer market for Vietnam’s catfish. The narrowing of this gap can be considered a positive sign for the catfish export industry.”

 

In June 2023, Vietnam’s catfish exports to the United States reached 23 million USD, a 51% decrease compared to the same period last year. Although still recording a double-digit negative growth in June 2023, the gap has been narrowing when compared to the previous two months. Specifically, in May 2023, catfish exports to the US decreased by 53%, and in April 2023, it decreased by 66% compared to the same period in 2022.

During the first months of 2023, the average export price of Vietnam’s catfish to the US was 3.3 USD/kg, a 30% decrease compared to the same period in 2022.

The US Department of Commerce reported that the Personal Consumption Expenditures Price Index (PCE) in May 2023 increased by 3.8% compared to the same period last year, showing a significant decline from the 4.3% recorded the previous month.

In addition to inflation causing reduced consumption demand in the US, the issue of large inventories has caused Vietnam’s seafood exports to this market to suffer negative growth. The price decrease of products from the existing inventory has led to increased competition and price depression for newly imported goods.

In June 2023, Vietnam’s catfish exports to countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) reached 21 million USD, a 39% decrease compared to the same period last year. The markets within the bloc also saw a decline in catfish imports ranging from 23% to 55%.