In August Vietnam pangasius exports to the UK tripled year over year
MEKSEA.COM – The UK is one of the most 10 markets that import seafood from Vietnam, accounting for 3% of Vietnam’s seafood export value. In the first 8 months of this year, Vietnam’s seafood exports to the UK increased by 3.5%, reaching 213 million USD, and specialty pangasius exports accounted for 47 million USD.
Currently, inflation in the UK is at a record high, so the consumption of high-priced food items is reducing. As a result, exports of shrimp, tuna and some marine fish species to the UK is tending to deeply reduce. Meanwhile, pangasius exports still maintained a growth rate of 16% because of the reasonable prices. Moreover, the political situation leads to a lack of raw materials for white fish, so pangasius has become an alternative fish species in the UK market, especially the popular fish & chip products of this country.
Taking advantage of the tax benefits of the FTA Agreement between Vietnam and the UK, similar to EVFTA, means that pangasius has a roadmap to reduce the tax to 0% after 3 years. Thus, by 2022, this product will almost be imported into the UK with a tax rate of 0%.
UK seafood exports in the last months of 2022 are showing more positive signs than at the beginning of the year, especially with items such as pangasius recovering strongly. Particularly in August, pangasius exports to the UK more than tripled over the same period last year, reaching over 7 million USD.
Accumulated in the first 8 months of the year, pangasius exports to the UK reached nearly 47 million USD, up 28% over the same period last year. In which, frozen pangasius fillets/cut accounted for 79%, cooked pangasius 17%, and whole round pangasius 4%.
With such a favorable growth momentum, it is forecasted that pangasius exports to the UK will reach about 67 million USD in 2022, up 30% compared to 2021.
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Please visit Meksea website to explore our pangasius products: https://www.mekseaconnection.com/product-category/pangasius/
By Hayati (Meksea Team)
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