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Shifting markets see Vietnam's pangasius exports grow in Q1

New markets compensated for a fall in demand from Vietnam's traditional buyers.

Vietnam's pangasius exports rose by 56.8 percent in the first three months of 2017, compared to the same time last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shipments to other potentially big markets such as Brazil, Mexico and Saudi Arabia also posted year-on-year increases of 70.4 percent, 38.8 percent and 13.8 percent, respectively.

Meanwhile exports to other major markets fell. Sales to the United States were down by 24.3 percent; those to the EU decreased by 21.5 percent; ASEAN imports fell 10.8 percent; and those to Colombia dropped by 5.3 percent over the same period in 2016.

Overall pangasius exports from Vietnam hit $371.3 million (€333.9 million) in Q1, a 1.6 percent increase on the same time last year.

In the first three months of this year, the top five largest pangasius exporting companies in Vietnam included Vinh Hoan Corp., Bien Dong Seafood, Navico, Hung Vuong Corp. and IDI Corp, with a value of $140.4 million (€126.3 million), accounting for 37.8 percent of total exports, equal to the same period last year.

Vietnam’s pangasius exports are forecasted to continue increasing by 5 percent compared to 2016.

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