Pangasius exports in June 2023 show encouraging recovery with a narrowing decrease

Vietnam’s pangasius exports in June 2023 reached 143 million USD, down 33% over the same period last year.

Vietnam’s pangasius export value to some main markets in June 2023 is gradually narrowing the gap with the value achieved in the same period last year. In June 2023, pangasius export turnover to China & Hong Kong reached 48 million USD, down 15%; exports to the US reached 23 million USD, down 51%, exports to the CPTPP market reached 21 million USD, down 39% over the same period last year.

The decrease in pangasius export turnover to China & Hong Kong gets smaller after months.  Vietnam’s export turnover to China & Hong Kong in April 2023 decreased by 66%, May 2023 decreased by 30% compared to the same period in 2022, then in June narrowed to only 15%. This “population billionaires” market always ranks in the top 1 of the market that consumes the most Vietnamese pangasius. The decreasing gets smaller from April to June reflects the sign for recovery in the pangasius export industry.

Vietnam’s pangasius exports value to the US in June 2023 reached 23 million USD, down 51% over the same period last year. Although it still recorded negative double-digit growth in June 2023, compared to the previous 2 months, the gap has also narrowed. Specifically, in May 2023 pangasius exports to the US decreased in April 2023 decreased by 66% compared to the same period in 2022 while in May the decline was 53%.

In the first 5 months of 2023, the average export price of Vietnamese pangasius to the US market reached 3.3USD/kg, down 30% over the same period in 2022.

The US Department of Commerce said that the Personal Consumption Expenditure (PCE) index in May 2023 increased by 3.8% compared to the same period last year, significantly down from the 4.3% recorded in the previous month.

In addition to the inflation factor, which causes a decrease in consumption demand in the US, the large inventory problem caused Vietnam’s seafood exports to this market to sink into negative growth. The low price of products from the sold-out inventory put pressure on the price of new imported goods. In June 2023, Vietnam’s pangasius exports to the CPTPP market reached 21 million USD, down 39% over the same period last year. The markets in the bloc also reduced imports of pangasius from 23% to 55%.

(Source: https://seafood.vasep.com.vn/)

https://seafood.vasep.com.vn/key-seafood-sectors/pangasius/news/pangasius-exports-in-june-2023-show-encouraging-recovery-with-a-narrowing-decrease-28525.html