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Vietnamese Pangasius Receives Attention in the UAE Market

Click on the flag for more information about United Arab Emirates UNITED ARAB EMIRATES
Wednesday, April 24, 2024, 07:00 (GMT + 9)

According to data from Vietnam Customs, in March 2024, Vietnam exported more than 2 million USD of pangasius to the UAE, an increase of 62% compared to March 2024. Cumulative pangasius exports in the first 3 months of this year to this market reached more than 7 million USD, up 67% over the same period last year. Previously, in the first month of this year, this market increased impressively by nearly 2.5 times compared to Vietnamese pangasius imports with nearly 4 million USD. However, the following month, export value immediately decreased by 31% and reached just over 1.2 million USD.

Source: Vasep

The UAE mainly imported frozen fillet products with HS code 0304 from Vietnam with more than 2 million USD in March 2024, an increase of 51% compared to March 2023 and an increase of 81% compared to the previous month, but a decrease of 33% compared to March 2023. with January 2024. This product accounts for 93% of Vietnam's total pangasius exports to the UAE. In the first quarter of 2024, this market imported nearly 7 million USD of Vietnamese frozen pangasius fillets, an increase of 56% over the same period last year.

In addition, in the first 3 months of 2024, the UAE also imported fresh/frozen/dried pangasius (under code 03) and VAT pangasius with values of 517 thousand USD, an increase of 15 times, and 152 thousand USD, an increase of 62 times, respectively. % compared to the same period in 2023.

Source: Stockfile FIS

Notably, in March every year for the past 2 years from 2022, this market has hardly consumed frozen pangasius and VAT pangasius products from Vietnam. However, in March 2024, the UAE re-imported these two products with values of 79,000 USD and 75,000 USD respectively.

The UAE is a net importer of seafood and 90% of the food consumed in this market comes from imports. According to the Food and Agriculture Organization of the United Nations (FAO), the UAE consumes more than 220,000 tons of seafood each year and has a per capita seafood consumption of 28.6 kg/year, higher than the average. Global.

Source: Lulu Hypermarket -->

The potential for exporting pangasius to this area is still good as the population in the UAE is increasing, people's income is high and the urbanization rate is fast. Rising disposable income and young people's preference for seafood protein along with travel are expected to boost seafood consumption. Furthermore, the UAE Central Bank increased its 2024 growth forecast for the country's economy to 5.7%, from 4.3% previously.

Additionally, it is expected that the UAE's travel and tourism industry is expected to create an additional 23,600 jobs by 2024 for a total of about 833,000 jobs this year. Geopolitical tensions between Israel and Iran have not reduced the need for people around the world to travel to nearby areas. Tourism has developed, leading to an increase in services related to restaurants and catering, creating favorable conditions for the seafood export industry, including pangasius, to move deeper into this market.

Author: Jue Hang | Vasep (Translated from the original in Vietnamese)

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