Vietcombank Securities Company (VCBS) predicts that Vietnam’s tra fish exports will continue to decline until the end of the first half of 2023.
Since November 2022, Vietnam has experienced a decrease in tra fish exports by both volume and value, according to the Vietnam Association of Seafood Exporters and Producers. Local media attribute the drop to the decline in new orders as a result of global inflation and high inventories.
In January 2023, tra fish outbound sales dropped by 51% in volume and 61% in value year-on-year. In the first two months of 2023, Vietnam’s seafood exports decreased by 26% year-on-year, with tra fish shipments plummeting by 38% compared to the same period last year.
VCBS believes that the consumption of tra fish in many markets will continue to decrease until the end of the second quarter of 2023. As a result, seafood exporters and producers may report negative business results as the price of fish feed increases, while the commercial fish price decreases.
However, tra fish producers are expected to resume production and business in the third quarter of this year. The export price of tra fish is expected to rise at that time due to the increased demand for year-end festivals and holidays.
In 2022, revenue from tra fish exports totaled US$2.44 billion, more than double that of 2021. Of the total, tra fish exports to China accounted for the highest proportion, at approximately 29%.
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Source: Vietnam Insider