British, American people prefer to buy Vietnamese pangasius due to record high inflation

In August, pangasius exports to the UK tripled in the same period last year because this item is reasonably priced. Moreover, the UK is also short of white fish due to the ban on Russian seafood.

On September 14, the Vietnam Association of Seafood Exporters and Producers (VASEP) said that in the first eight months of the year, seafood exports to the UK increased by 3.5% to 213 million USD, of which pangasius accounted for 47 million USD.

This agency explains that inflation in the foggy country is at a 40-year record high and is almost the highest in European countries, so consumption of high-priced food items is limited. As a result, exports of shrimp, tuna and some marine fish species to the UK dropped sharply.

“However, pangasius exports still maintained a growth rate of 16% because this item has a moderate price, moreover the UK is lacking white fish due to the ban on seafood from Russia. Therefore, pangasius becomes a substitute fish in the UK market”, VASEP said.

In addition, the Free Trade Agreement between Vietnam and the UK has helped reduce the import tax on pangasius to the UK to 0%, giving this item an added advantage. Seafood exports to this country in the last months of the year are showing more positive signals than at the beginning of the year, especially with items such as pangasius recovering strongly.

The UK is in the top 10 seafood import markets of Vietnam. Photo: Pham Ngon.

Particularly in August, pangasius exports to the UK more than tripled over the same period last year, reaching over 7 million USD. Accumulated in the first 8 months of the year, pangasius exports to the UK reached nearly 47 million USD, up 28% over the same period last year. In which, frozen pangasius fillet or cut into pieces accounts for 79%, processed pangasius accounts for 17%, and the rest is whole pangasius accounted for 4%.

“With such a favorable growth momentum, pangasius exports to the UK will reach about 67 million USD this year, up 30% compared to 2021,” VASEP forecast.

While other seafood exports continued to decline due to inflationary difficulties, pangasius took advantage of inflation to stimulate consumption demand, creating impressive growth. Accumulated in the first 8 months of this year, pangasius exports reached nearly 1.8 billion USD, up 81% over the same period last year.

Pangasius turnover to China more than doubled over the same period to nearly 500 million USD, accounting for 29% of Vietnam’s total pangasius export turnover. Pangasius exports to the US reached 428 million USD, up 90% over the same period in 2021, accounting for 25% of total export turnover. Only to the Russian market, pangasius exports decreased by 12% due to the Russia-Ukraine conflict disrupting exports in March and April.

@ Zing News