Catfish export decline slows down

By Dy Tung July 24, 2023 | 04:47 pm PT

Workers place fillets of fish to freeze at a factory in Can Tho, southern Vietnam. Photo by Reuters

The decline in pangasius fish exports has started to reverse, according to the Vietnam Association of Seafood Exporters and Producers.

Exports to mainland China and Hong were worth US$48 million in June, down 15% from the same period last year. They had declined by 66% and 30% in April and May.

Similarly exports to the U.S. last month were down by only 51% to $23 million compared to 66% and 53% in April and May.

In the first half of the year, overall exports were 38% lower at $885 million due to weak demand in major export markets such as China, the U.S. and Europe due to high inflation.

The prospects of higher demand for pangasius in the U.S. and China in the second half are still uncertain due to the slow economic recovery and large inventories in those markets, SSI Securities Corporation said.

But Vietnamese exporters will start to see profits improve thanks to lower input and transport costs.