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According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s catfish exports in January brought in $165 million, double that of January 2023. The main catfish markets have all recorded positive growth including the US, China & Hong Kong, EU, CPTPP, etc.
The main catfish products are still frozen fillets, with a value of over $131 million, an 87% increase compared to the same period in 2023, accounting for 80% of the total.
In terms of markets, China & Hong Kong continues to be the largest catfish importer from Vietnam in January with $52 million, nearly four times higher than in January 2023 and 65% higher than in January 2022. The value of catfish exports to China & Hong Kong in the first month of 2024 accounted for 32% of total catfish exports to the market.
It is worth noting that in the first month of this year, frozen catfish exported to China increased 6.5 times compared to the same period last year. This value is even higher than the export turnover of frozen fillets – the main product to this market in January 2023.
Source: Vietnam Association of Seafood Exporters and Producers (VASEP).
The United States ranks second. In January 2024, the US purchased $18 million worth of Vietnamese catfish, an 83% increase compared to the same period last year. The US increased imports of most Vietnamese catfish products in the first month of the year. According to VASEP, although the value of processed catfish exports to the US is modest, the export turnover of this product recorded an 18-fold increase compared to the same period last year, reaching $295,000. This market consumes over $17 million of frozen catfish fillets in January 2024, an increase of 81% compared to January 2023.
The European Union (EU) is the third largest market for Vietnamese catfish. The region bought nearly $13 million worth of catfish from Vietnam in January, a 20% increase compared to the same period last year. In which, the Netherlands remains the leading country in terms of consuming Vietnamese catfish, with nearly $4 million, a 16% increase compared to the same period. In addition, some markets in the bloc also recorded positive growth in importing Vietnamese catfish, including Hungary with a four-fold increase, and Spain, France, and Slovenia with a two-and-a-half-fold increase, etc.
According to the survey results of the Food and Agriculture Organization of the United Nations (FAO), global catfish production is estimated at 3.13 million tons in 2023 (an increase of 0.5% compared to the production of 3.11 million tons in 2022). With 1.62 million tons, Vietnam is the world’s leading producer of catfish, followed by India, Indonesia, Bangladesh, and China. It is forecasted that the production of smooth catfish/catfish in 2024 will increase by 2.8% compared to 2023.
Vietnam’s catfish is dubbed a superfood due to its precious benefits for health. Catfish contains many omega-3, 6, 9, DHA, and EPA fatty acids, vitamin E, which are good for the heart, brain development, anti-aging, and more. According to the American Heart Association, Omega-3 fatty acids help protect the body against arrhythmias, thereby reducing the risk of sudden death. In addition, Omega-3 also helps prevent the process of hardening arteries, reduce the risk of brain aging, and enhance memory. The simplest and most effective way to supplement Omega-3 and DHA acid is to arrange meals with catfish 2-3 times per week.
In 2024, China is expected to be a high-growth region in terms of catfish consumption, as from the end of 2023, Chinese businesses have stockpiled goods to meet the huge demand from hotels, restaurants, tourism, and service industries. According to VASEP, there are many factors for catfish to reach the target of $2 billion in exports in 2024 – an increase of more than 10% compared to $1.8 billion in 2023.
