Exports flourish, shrimp and pangasius prices increase quite a bit at the beginning of the year

Shrimp and pangasius prices increase again

In early 2024, raw shrimp prices in the Mekong Delta increased slightly. Accordingly, in localities such as Tien Giang, Bac Lieu , Ben Tre... the price of high-tech farmed whiteleg shrimp is from 170,000 - 175,000 VND/kg for 25 shrimp/kg, 160,000 - 162,000 VND/kg for 30 shrimp/kg, 130,000 - 132,000 VND/kg for 40 shrimp/kg, 116,000 - 121,000 VND/kg for 50 shrimp/kg. This price has increased by 9,000 - 15,000 VND/kg compared to the previous month. The price of black tiger shrimp also increased by 6,000 - 10,000 VND/kg. With this increase, the price of black tiger shrimp is fluctuating from 120,000 - 225,000 VND/kg depending on size.

Mr. Le Thanh Tang (residing in Kenh Nhiem Hamlet, Phu Thanh Commune, Tan Phu Dong District, Tien Giang Province) said that this is only the first crop of the year, the harvest output is not much while the market demand during the Lunar New Year months increases sharply. This is one of the reasons why the price of shrimp in general and whiteleg shrimp in particular has increased quite a bit, bringing an important source of income for farmers.

Xuất khẩu khởi sắc, giá tôm, cá tra tăng khá ngay đầu năm

Raw shrimp prices increase again. Illustrative photo

Along with shrimp, the price of pangasius has also increased since the beginning of the year. Accordingly, from the 5th day of Tet, many fishermen in localities such as Tien Giang, Dong Thap ... harvested pangasius ponds according to the requirements of seafood processing enterprises to operate after Tet. Due to low supply, shortage of goods while the demand for raw materials for factories after Tet increased, the output of pangasius was very favorable, with high prices.

Accordingly, for small pangasius (one fish under 1kg) the price is 28,000 VND/kg, profit is 4,000 VND/kg. This is the highest profit in the past year.

Mr. Nguyen Hoang Thao - a fisherman in Hoa Hung commune, Cai Be district, Tien Giang province, who raises tra fish, has just harvested 300 tons of fish at a price of 28,000 VND/kg. "There is a shortage of fish right now because supply cannot meet demand," Mr. Thao said excitedly.

According to the forecast of raw shrimp and pangasius purchasing facilities, shrimp and pangasius prices will likely increase in the coming time due to the demand for domestic and export markets.

Seafood exports recover

Not only the domestic market, in the first months of the year, seafood exports have shown signs of recovery compared to 2023. Statistics from the General Department of Customs show that in January 2024, Vietnam's seafood exports are estimated to reach 730 million USD, an increase of 60.8% over the same period in 2023.

Mr. Nguyen Van Dao, General Director of Go Dang Joint Stock Company, said that in 2023, the US and European markets will be affected by inflation, so customer consumption will also be limited. However, in the last months of the year, the market has shown positive signs, and market developments in some countries have gradually stabilized, especially the Chinese market. This is also one of the beliefs for export enterprises in the industry to build production and business plans for 2024.

“The export market has shown more positive signs in the past three months, especially in the Chinese market, which has contributed to increasing consumption demand,” said Mr. Dao.

Mr. Tran Van Dung, General Director of Ba Ria - Vung Tau Seafood Processing Import-Export Joint Stock Company (Baseafood), acknowledged that the positive moves to support businesses by the Vietnamese Government such as the policy of reducing value added tax by 2%; the drastic participation of the entire political system and localities, departments and branches to remove the IUU "yellow card", along with the market demand still showing good signs are the driving force for the recovery of the seafood industry in the second and third quarters of 2024.

“China’s ban on importing Japanese seafood products has forced Japanese factories to look for processing partners in neighboring countries, which is also an opportunity for Vietnam. In 2023, the unit increased the amount of processed goods for Japan by nearly 30% and will continue to increase in 2024,” said Mr. Dung.

According to the forecast of the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2024, Vietnam's shrimp exports will increase by 10-15% compared to 2023, especially in the last 6 months of the year, when inflationary pressure cools down, inventories at importers decrease, and shrimp prices increase again.

Regarding the seafood export market in 2024, Ms. Le Hang, Director of Communications of VASEP, advised that the demand for seafood consumption tends to recover, but customers still focus on products in the cheaper segment such as canned fish, raw fish for processing canned fish, dried fish, dried shrimp, etc.

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