Market information

In the context of many volatile world economic fluctuations, t

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29/05/2024 - Tỉnh An Giang

World economic context has a lot of volatility, the shortage of supply and tilapia price in China opens a great opportunity for Vietnamese seafood.
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In the context of the global economy is suffering from many fluctuations, the fisheries market is also not beyond the influence.In particular, the price increase and shortage of tilapia supply in China has opened up great opportunities for Vietnamese pangasius in the international market.

China: Supply, price increases
Tilapia is one of the most popular white meat fish in many markets, including China and the United States.However, in the first quarter of 2024, the price of tilapia in China increased significantly due to the shortage of supply.The tilapia industry is recovering after many farmers suspend operations last year because of low prices.Currently, the price of tilapia on farms in Guangdong province has increased to about 11.40 yuan/kg (1.61 USD/kg) and 11.20 yuan/kg in Hainan province, much higher than that thanlevel 8.5 yuan/kg in the same period last year.

The scarcity of raw materials in China increases the pressure on tilapia manufacturers.The amount of fish in the ponds in southern China continued to decline, and the fish dropped by the end of last year reached the harvest standards, expected to be launched in June 2024.However, farmers are still cautious in investing in new tilapia sources, due to concerns about the fluctuations of prices and market demand.This leads to insufficient supply, making tilapia price continues to maintain at a high level.

The shortage of tilapia supply in China has created favorable conditions for Vietnamese pangasius to export to the United States.Pangasius is cheaper than many other freshwater fish, including farming, has become the first choice for many home cooking consumers as well as for public restaurants in China.

Yu Ni Zai Yi Qi restaurant in Beijing and the 7 Fresh restaurant chain quickly put pangasius into their menu, with grilled fish meals cost from 22.90 yuan ($ 3.20).to 26.90 yuan (3.76 USD).In addition, frozen Fillet Pangasius is also popular in the food market for children in China because it is a clean and soft white meat, trusted by many parents.Sales of pangasius and tilapia, has increased in recent months.

Besides, the popularity of pangasius on the Chinese market does not stop at restaurants.Frozen pangasius products are also popular in supermarkets, becoming the first choice of many families.The combination of quality and affordable price has helped Vietnamese pangasius make a strong impression on the Chinese market.

United States: Opportunities have not seen the conclusion
In the first quarter of 2024, the United States was still the largest tilapia importer in the world, with an import of more than 55 million USD, down 3% over the same period last year.However, supply from main suppliers such as Honduras, Mexico and Costa Rica is in shortage, leading to the lowest import of the United States in the past 12 years.This has created opportunities for Vietnamese pangasius to become a potential alternative.

In the same time, the United States imported 19,600 tons of frozen fillet tilapia from China worth 73.6 million USD, down 13% in volume and 8% in value over the same period in 2023.In addition, in March 2024, the United States imported 1,784 tons of fresh tilapia, down 200% compared to the same period last year.This shortage has opened up opportunities for Vietnamese pangasius to enter the US market.

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Crop: Tháng 07/2023
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