Tra fish exports predicted to recover from third quarter
Thanks to better input material supply and the application of a closed production process, tra fish industry is expected to overcome difficulties and become profitable again in the third quarter of this year, according to analysts.
Hanoi (VNA) –Thanks to better input material supply and the application of a closedproduction process, tra fish industry is expected to overcome difficulties andbecome profitable again in the third quarter of this year, according toanalysts.
Data from the VietnamAssociation of Seafood Exporters and Producers (VASEP) showed that in the first two monthsof this year, revenue from seafood export topped 1.1 billion USD, down26% year on year, with tra fish exports dropping 38% to 240 million USD.
According to Vietcombank Securities LimitedCompany (VCBS), the demand of tra fish plummeted from the fourth quarter of lastyear after positive signs in the beginning of the year. A fall of 20-30% wasseen in the production and export revenue of the product from last November dueto high inventories and inflation in importing countries.
The downturn trendcontinued in the first month of 2023, with respective fall of 51 and 60% overthe same period last year.
However, tra fishexports increased slightly at 4% in February to 662 million USD. But the VCBSpredicted that tra fish demand will continue to decrease in the majority of the marketsuntil the third quarter when festive events in year-end come and the Chinesemarket is opening.
2023 will still be a good year for businesses that can promote their advantages in material supply. (Photo: VNA)
While high feedprices and extreme weather conditions are effecting small-scaled farms, large-scaledbusinesses are eying great opportunities to expand their market share thanks totheir self-supply of input materials and the application of a closed productionprocess, according to the VCBS.
The VCBS reported thatin 2022, tra fish exports hit a record of 2.44 billion USD despite the high feed price. In the year, strong growth of at least 30% was seen in tra fishexport revenue generated from the majority of the markets, especially some MiddleEast countries at 115-429%.
The firm held that 2023 will still be a good year for businesses that can promote their advantages inmaterial supply.
Exporters held thatafter a long period of decline in revenue due to low tra fish prices in thefirst half of this year, domestic exporters will enjoy recovery in the third quarter./.
More than 90% of Tra fish (Pangasius hypophthalmus) available in the US market comes from Vietnam, said Vietnamese Trade Counsellor in the US Do Ngoc Hung citing statistics from the US Department of Agriculture (USDA).
A surge of 87% was seen in tra fish exports to ASEAN markets in the first 11 months of this year to 183 million USD, accounting for about 8% of total export revenue of the product in the period.
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Tra fish processing for export (Photo: VNA) 
2023 will still be a good year for businesses that can promote their advantages in material supply. (Photo: VNA) 
