October 29, 2013

Brazil may see further increase in Vietnamese seafood imports

Brazil is considered a market with high potential for Vietnamese seafood products due to the country's stability and the government's interest in promoting fish consumption among the local population.

Vietnam-based exporters have voiced their interest in increasing volume to Brazil as the market sees an average growth of 26% yearly.

At present, Vietnam's seafood product exports to the South American country makes up a minor 1.8% of total export volume.

According to the Vietnam Association of Seafood Exporters & Producers (VASEP), exports to Brazil, during the period towards mid-September 2013, have increased by 70.6% in value on-year at US$72.7 million. Much of the amount came from pangasius or Vietnamese tra sales, which fetches a sum of US$72.3 million.

According to VASEP, while Brazil's participation was only 6.1% of overall pangasius sales, it was the fourth most important market for the shark catfish, following the US (US$273.7 million), the EU (US$267.2 million) and ASEAN (US$86.4 million). It also recorded the highest growth.

Last year, Vietnam's global exports of frozen fish fillets represented up to 19.4% of Brazil's total import volume while 35.7% came from China and 23% from Argentina.

The International Trade Center (ITC) reports that during the January-August 2013 period, Brazil imported 118,066 tonnes of frozen fillets, at US$321.4 million. China was its main supplier, with 51,262 tonnes for US$108.2 million, while Vietnam placed second with 34,634 tonnes for US$70.6 million.