The price of pangasius for export increased from 40% to 70%, and all seafood increased sharply
According to VASEP, in March 2022, the whole world is heating up because of the extremely tense Russia-Ukraine conflict. Global seafood trade is also affected as gasoline prices increase, ocean freight, logistics costs increase every day. However, Vietnam’s seafood exports in March still recorded over 1 billion USD – a record high for the last month of the first quarter of every year.
The first quarter of the country’s seafood export brought in over $2.5 billion, up nearly 46% compared to the first quarter of 2021. In which, shrimp accounted for 38% with nearly $955 million. Pangasius accounted for 26% with $654 million. With 259 million USD, tuna accounts for over 10%. Krill, including squid and shellfish, accounted for 7.5% of $189 million. Other marine fish accounted for 17% with $421 million.
In March, seafood exports to Russia fell deeply by 86%, but in return, exports to other markets had a breakthrough growth of 30 – 88%. As a result, seafood exports to major markets in the first quarter recorded a high growth rate.
Revenues of businesses in the seafood industry all had growth compared to the same period in the first quarter of last year, due to increased output and increased prices.
Synthesized from consolidated financial statement data of enterprises
Exports to China and the US both had strong growth
Despite being affected by China’s draconian anti-epidemic policy of zero Covid, Vietnam’s seafood exports to this market still recovered the most in March and the first three months of the year with a growth rate of nearly 90% over the same period. year 2021.
Vietnam exported seafood to China with a volume of nearly 200,000 tons in the first three months of this year. Pangasius accounted for over 50% of seafood export turnover to China – Hong Kong, and increased more than 2.5 times compared to the first quarter of last year. Shrimp products accounted for 29% of exports to China and HK, up nearly 70%.
Besides China, the US market still holds the first place, accounting for 23% of Vietnam’s seafood export turnover in the first quarter of the year and maintains the second highest growth: up 72% in the first quarter.
Exports of all key products to the US in the first quarter increased from 45% to 125% over the same period last year. Pangasius exports still increased the most with 124%. Tuna is also a commodity with strong 3-digit growth and the third largest proportion to the US market
The average price of exported goods has increased
According to VASEP, the average price of pangasius exports to the US in the first three months of this year increased sharply by nearly 70% over the same period last year, reaching $4.62/kg.
The average price of shrimp exported to this market in the first quarter was over 12 USD per kg, an increase of nearly 20%. The average export price of tuna was 10.2 USD/kg, up 17%.
With the Chinese market, the average export price of pangasius in the first three months of this year reached over 2.5 USD/kg, up nearly 40% over the same period last year. The average price of shrimp exported to China in the first quarter of this year reached $8.64/kg, up 36%.
In addition, the export of key products to other markets increased thanks to the higher average export price compared to the same period last year. For example, the price of shrimp exports to Japan increased by 3%, to Germany by 6%. The average price of pangasius to Germany increased by 43% to 3.67 USD/kg…
The domestic price of pangasius raw materials has also increased sharply by 40% compared to the beginning of the year, along with other influencing factors such as input costs, feed prices, logistics and transportation costs. increase export prices of pangasius as well as shrimp and other products in the coming months. Therefore, it is forecasted that the export value of TS in the second quarter will continue to increase to about $2.8-2.9 billion, an increase of about 23-24% compared to the second quarter of last year.
Thanks to the increase in selling price, the gross profit margin of seafood enterprises mostly improved positively compared to the same period in 2021.
Synthesized from consolidated financial statement data of enterprises
Thanks to the growth in output and selling price, the profit after tax of many enterprises in the seafood industry has grown strongly over the same period. Vinh Hoan Joint Stock Company (VHC) has a growth of 4.2 times over the same period, Cuu Long An Giang Seafood Import-Export Joint Stock Company (ACL) reported a profit increase of more than 5.7 times the same period, reached the highest level in a quarter from the fourth quarter of 2018 until now.
The most sublime business results in the seafood industry belonged to the Multinational Development and Investment Joint Stock Company (IDI). In the first quarter of the year, the company had an after-tax profit of more than VND 200 billion, reaching the record of the highest quarterly profit since the announcement in 2010.
In addition, some businesses also have additional profits from the structure of sales and financial income. This period, Nam Viet Joint Stock Company (NAV) recorded an increase in financial income by more than half, mainly coming from interest on bank deposits and foreign exchange differences. In addition, in the context of rising raw material prices and freight rates, Sao Ta Food Joint Stock Company (FMC) has grown in profit thanks to pre-stocking of raw materials and signing contracts that anticipate fluctuations in freight rates.
Synthesized from consolidated financial statement data of enterprises
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