Expected growth in pangasius exports to Korea

DNVN - Consumers in Korea are gradually changing their perception, cutting down on red meat consumption, and instead choosing healthy white fish. Therefore, the country's demand for importing Vietnamese tra fish may increase.

According to Vietnam Customs, in April 2024, Vietnam's pangasius exports to South Korea reached nearly 773 thousand USD, nearly 3.5 times higher than in April 2023 and down 16% compared to the previous month. In the first 4 months of 2024, pangasius exports to this country reached more than 2.4 million USD, up 18% over the same period last year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said that frozen pangasius fillets are still the main product that Vietnam exports to South Korea.

In April 2024, frozen pangasius fillet exports to Korea reached more than 637 thousand USD, an increase of 424% compared to April 2023. By the end of April 2024, frozen pangasius fillet imports from Vietnam to Korea reached more than 1.8 million USD, an increase of 28% over the same period, accounting for 75% of the proportion.

In the first four months of 2024, pangasius exports to South Korea reached more than 2.4 million USD, an increase of 18% over the same period last year.

In the first four months of this year, Vietnam exported nearly 84 thousand USD worth of value-added pangasius to South Korea, down 21% over the same period last year, and accounting for 3% of the total.

According to data from the International Trade Center (ITC), in 2013, Vietnam was the 6th largest supplier of whitefish (mainly pangasius) to South Korea, with a value of nearly 5 million USD. Vietnam ranked behind Russia, the US, Taiwan, Japan, and China.

10 years later, the export turnover of whitefish (mainly pangasius) to Korea reached more than 10 million USD in 2023, double that of 2013. Vietnam is the 3rd largest supplier to Korea with the strength of pangasius products, accounting for 3% of the total value of whitefish imported from the world by this country.

Among them, Alaska pollock and Cod are two very popular and favored whitefish products in the Korean market. These are products that attract the consumer tastes of this country. Russia and the US are still the two largest suppliers to Korea with the value reaching 273 million USD, down 5% and 74 million USD, up 23% compared to 2013.

"Consumers in Korea are gradually changing their perception, reducing their consumption of red meat products, and instead choosing white fish species that are beneficial to their health. This reason may cause the import rate of white fish products to start increasing in the structure of seafood imports of this country," VASEP commented.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/ky-vong-tang-truong-xuat-khau-ca-tra-sang-han-quoc/20240603080809831