Pangasius exports to US fetch record prices

The Việt Nam Association of Seafood Exporters and Producers forecast that the demand for frozen pangasius in the US and EU markets will increase sharply in this year. Photo thanhnien.vn

HCM CITY – The average price of Việt Nam’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 Việt Nam Association of Seafood Exporters and Producers.

Exports to the market grew by 123 per cent year-on-year to $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 $2.9-$3.45 per kilogramme.

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

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

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

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

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.

Dương Nghĩa Quốc, chairman of the Việt Nam 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 per cent this year to VNĐ30,000 per kilogramme. – – VnExpress News