21/10/2020 by Kenneth Meyer
Vietnamese supply of pangasius fillets affected by COVID-19
Vietnamese producers and exporters of pangasius forced to change strategy following marked impact of COVID-19.
Many of the Vietnamese industry’s most important export markets have suffered severely because of the COVID-19 pandemic. As sources of food consumption and habits have been altered during the period, many seafood products have experienced different and harsher conditions in their usual destination markets. Vietnamese producers and exporters of pangasius have during this period experienced a significant change in many of its most important markets and has been forced to change strategy.
While US imports of Vietnamese pangasius have decreased in volume over the last couple of years, Chinese imports experienced the opposite development. China’s imported volumes in H1 2020 ended at 86.000 tonnes, increasing by 48% compared to H1 2019. Although prices declined by 28% to USD 1,57/kg during the same period, the import value increased to USD 134,9 million. This is a 6% increase from H1 2019. EU imports of Vietnamese pangasius fillets have remained at a stable level between 30.000 and 40.000 tonnes in each half year over the last four years.
According to Vietnamese industry sources many industry stakeholders have shifted focus towards promoting pangasius consumption domestically to overcome the challenging conditions. The production has maintained and subsequently led to increased inventory levels as the demand in main markets have somewhat declined. Lower prices in addition to the increased need for inventory capacity has put Vietnamese stakeholder’s economic sustainability under pressure.
Read more in our Aquaculture Bulletin.
Photo: Drill Images