Good year forecast for tra fish exports
Good year forecast for tra fish exports
The export of tra fish (pangasius) has been reviving strongly since the beginning of the year, driven by significant increases in prices and demand.
Statistics of the General Department of Customs showed that tra fish exports rose by 88 per cent in the first quarter of this year to reach US$646 million and accounted for 27 per cent of the country’s total export of seafood.
The tra industry had been badly affected by the pandemic, which caused stagnation in farming and processing and disruptions in export.
Tra exports fell from $2.26 billion in 2018 to $2 billion in 2019, $1.49 billion in 2020 and $1.6 billion in 2021.
Exports to key markets posted three-digit growth rates, including the US – the largest tra fish importer of Viet Nam, by 120 per cent to $94.6 million, and Hong Kong by 240 per cent to $86 million.
The Viet Nam Association of Seafood Exporters and Producers (VASEP) predicted that tra fish exports would expand by more than 50 per cent in the second quarter.
VASEP pointed out that tra fish prices increased sharply from the beginning of this year to around VND30,000 ($1.3), about VND10,000 higher than the end of 2021.
To Thi Tuong Lan, deputy general secretary of VASEP, forecast that tra exports this year would increase by around 20-25 per cent against 2021.
According to Agriseo Research, tra fish prices would continue to increase as the demand in the import market remained high while the supply was limited.
Tra prices dropped sharply from the peak in 2018 due to an excess of supply over demand, pushing down prices from VND30,000 to VND19,000, which together with a disruption in the supply chain caused by the impact of the COVID-19 forced farmers to close their ponds.
This led to a shortage of tra in the first months of this year.
VASEP predicted that the shortage of tra might last to the end of the second quarter.
However, VASEP noted that farmers should have appropriate plans for tra farming to ensure supply and demand balance and prevent oversupply as happened in 2018.
A number of tra companies are set for high profits this year.
The International Development and Investment Corporation targets earning VND900 billion after-tax profit in 2022, 6.6 times higher than in 2021.
Cuu Long Fish Joint Stok Company is set for pre-tax profit at VND200 billion, four times higher than 2021.
Vinh Hoan Corporation set revenue targets of VND13 trillion, 44 per cent higher than 2021 and an after-tax profit of VND1.5 trillion, 36 per cent higher.
