Pangasius Exports Win Big in CPTPP Markets

CPTPP markets bought more than 13% of Vietnam's total pangasius exports for US$211.4 million in the first seven months of 2022, up 73% year on year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

While pangasius exports to many markets were volatile due to currency fluctuations and high freight rates, CPTPP markets were less affected by these challenges. Zero import tariffs under the CPTPP Agreement and the choice of consumers for more affordable fish such as pangasius are the main factors for growing pangasius exports to CPTPP countries in the year to date. This optimistic performance is forecast to keep going on for the rest of the year.

Particularly in July 2022, pangasius exports to CPTPP countries maintained a 3-digit growth rate of 123%, reaching over US$31 million. Canada was the strongest growing market with a more than 4-time increase from a year ago.

In addition, pangasius exports to Australia, Singapore, Malaysia and Chile all grew by 3-digits in July, ranging from 108% to 166%. Shipments to Japan jumped 66%. These markets all accounted for 1.3 - 1.5% of Vietnam's total pangasius export value in the first seven months of 2022.

Source: Vietnam Business Forum