According to the General Department of Fisheries, Vietnam’s basa fish export volume in the first four months of 2023 reached 298 thousand tons, a decrease of 28.1% compared to the same period last year. Vietnam’s export value reached 724 million USD, a significant drop of 40%. Experts believe that the prolonged effects of inflation and the inventory level of retailers are among the difficulties faced by the seafood industry, including basa pangasius fish. Vietnamese fish farmers and seafood businesses face declining markets, increasing costs of raw materials and other inputs, plummeting profits, and a need for more capital for production and business operations. Despite the bleak outlook for the basa pangasius fish industry in early 2023, there are still bright spots in the market with positive growth signals.
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- Positive signal in the German market
- Seafood exports to the UK show double-digit growth
- Positive Signals from basa fish exports to Asia
Positive sign in the German market
The export of basa fish to the EU in the first four months of this year has decreased compared to last year. However, compared to the corresponding period in previous years, this is still noteworthy in the gradual effort to bring Vietnamese basa pangasius back on track. Among the major markets in the EU, the German market has shown more promising signs, with a growth rate of 78% in the first four months of this year.
Seafood exports to the UK show double-digit growth
In addition to the German market, the UK is the second promising destination for Vietnamese basa pangasius exports. Specifically, by the end of April 2023, frozen basa fillet exports to the UK reached 22 million USD, experiencing a 13% increase. The UK is among the major economies with one of the highest inflation rates. Nevertheless, the basa fillet export market to the UK continues to exhibit solid double-digit growth for Vietnamese exporters.
Positive Signals from basa fish exports to Asia
Saudi Arabia is a significant potential export market for Vietnam’s seafood, mainly basa fish, in Africa, West Asia, and South Asia. This country also plays a leading role in the Middle East region and significantly influences the seafood import activities of countries in the area. As of March 15, 2023, Vietnam’s basa pangasius exports to Saudi Arabia reached over 4.3 million USD, a 13% increase compared to last year.
In addition, Singapore is also a shining example among Asian countries that import basa fish. As of March 15, 2023, Vietnam’s basa fish exports to Singapore amounted to 7 million USD, a 40% increase compared to last year.