| Pangasius exports to Brazil market decreased by double digits Seafood exports to the US expected to recover in the second half of 2023 |
After recording strong growth in 2022, Vietnam's pangasius exports to markets participating in the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) in the first 5 months of this year decreased by 36% compared to the same period last year, reaching 94 million USD.
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| Pangasius exports to CPTPP markets decrease by double digits |
Explaining this, the Vietnam Association of Seafood Exporters and Producers said that in the first 5 months of 2022, pangasius exports to CPTPP countries reached nearly 147 million USD, an increase of 64% over the same period in 2021. A year later, due to the impact of global food price inflation along with world fluctuations, this market was also "no exception" to the general decline.
In May 2023 alone, Vietnam's pangasius exports to CPTPP member countries only reached 19 million USD, down 41% compared to the same period last year. Major markets in the bloc reduced imports of Vietnamese pangasius by 10% - 65%, except for Singapore, which increased by 2%.
By the end of May 2023, many markets in the CPTPP bloc recorded negative growth, such as Canada reaching 14 million USD, down 50%; Mexico reaching 26 million USD, down 50%; Japan reaching 13 million USD, down 14%.
The only bright spot of this market block in importing Vietnamese pangasius is Singapore, which still maintained a positive growth rate of 16%, reaching 15 million USD in the first 5 months of 2023.
Although the country's population is not large, Singapore is one of the leading transit points for goods due to its large seaports that facilitate international trade.
Among the CPTPP markets, Canada ranks second in importing Vietnamese pangasius. This is a seafood market with good prices and stable growth in the North American bloc.
This country and the United States have the longest common border in the world, close trade relations, so the United States is the market with the greatest influence on Canada's seafood trade.
The difficulties the United States has faced in the context of global inflation since the end of 2022 are also one of the reasons why Vietnam's pangasius exports to Canada have not been able to make a breakthrough.
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