According to VASEP, pangasius exports to China declined by 28% from the same period last year.
The Chinese market is increasingly reducing its purchases from Vietnam while increasing seafood imports from Norway, South Korea, Australia, and Chile. Not only facing difficulties in exports, but the pangasius sector is suffering due to the increasing cost of inputs, which has led to losses. The production cost is currently around 26,500-27,000 VND/kg, while the selling price is lower by 300-500 VND, causing farmers to incur losses of nearly 200 million VND in each crop.
According to VASEP, China and Hong Kong (China) are the largest destination for Vietnamese pangasius. In the first 8 months of the year, this market spent 378 million USD on Vietnamese pangasius products.
In August 2023 alone, Vietnamese pangasius exports to China and Hong Kong reached USD 52 million, down 18% compared to the same period last year. This is the 6th consecutive month that pangasius exports to China have declined. The export price to these two markets remains below 2.5 USD/kg.
The decrease in pangasius exports to China and Hong Kong is attributed to global fluctuations and an unclear increase in demand after China removed the COVID-19 related restrictions. However, China and Hong Kong are still among the top importers of Vietnamese pangasius.