Amidst the culmination of the year, the Vietnamese catfish export sector is witnessing a remarkable resurgence, especially in the expansive Chinese market. This resurgence is notably fueled by the heightened demand for catfish in China, driven by the festive season.
November Figures Reflect Robust Growth
According to the latest data from the Vietnam Association of Seafood Exporters and Producers (VASEP), November proved to be a pivotal month. Vietnamese catfish exports to China and Hong Kong collectively exceeded 39 million USD, marking an impressive 28% surge compared to the corresponding period in 2022. The lion’s share of this growth was contributed by the Chinese market, with exports soaring to over 36 million USD, signifying a substantial 29% increase.
Year-End Demand Surges
As the year progresses towards its conclusion, a discernible trend emerges—the increasing inclination of China to import Vietnamese catfish, primarily to meet the escalating demand associated with year-end festivities. Statistical analyses underscore a consistent upward trajectory in Vietnamese catfish exports to China for three consecutive months, starting from September. Key products driving this surge include frozen catfish and catfish fillets.
Cumulative Performance and Market Dynamics
While the monthly figures exude optimism, a comprehensive look at the cumulative performance for the first eleven months paints a nuanced picture. The nearly 21% decline in Vietnamese catfish exports to China compared to the same period in 2022, amounting to almost 500 million USD, raises questions about the sustainability of this growth.
Vietnam’s Role in China’s Whitefish Market
Historical trade data from the International Trade Centre (ITC) highlights China’s growing appetite for Vietnamese whitefish, especially catfish, from 2012 to 2022. The first nine months of 2023 reveal an intriguing shift in China’s import preferences, with an increasing focus on products like fish balls and surimi made from Vietnamese catfish.
Vietnam’s significance in China’s whitefish market is substantial, constituting 16% of the total volume of whitefish imports globally. This positions Vietnam as the second-largest supplier of whitefish to China, overshadowing traditional exporters like the United States and Norway.
Trade Dynamics: The Border Advantage and Flavor Appeal
The favorable trading conditions between Vietnam and China are accentuated by a shared border spanning nearly 1,500 km. Coupled with the renowned flavor profile of Vietnamese catfish, which aligns seamlessly with the preferences of consumers in East Asia, China’s choice of Vietnam as its primary supplier for whitefish products becomes evident.
Regional Consumption Patterns and Positive Signals
Chinese Customs data reveals specific regional consumption patterns, with Guangdong leading as the largest consumer province, receiving over 24,000 tons. Encouragingly, provinces such as Shandong, Shanghai, and Beijing are emerging as significant destinations for Vietnamese catfish.
VASEP expresses optimism for the trajectory of Vietnamese catfish exports to China following the recent official visit of General Secretary and State President Xi Jinping to Vietnam. Positive economic signals, increased order quantities, and the reinforced bilateral relations between Vietnam and China set the stage for a promising future in catfish exports.
In conclusion, the Vietnamese catfish export landscape to China remains dynamic, showcasing resilience, challenges, and a horizon filled with promise. The year-end surge augurs well for the industry, and as trade dynamics evolve, Vietnam continues to play a pivotal role in meeting China’s growing appetite for quality whitefish products.