HCMC – Vietcombank Securities Company (VCBS) has forecast that Vietnam’s tra fish exports will continue to spiral down until the end of the first half of the year.
The country has seen a fall in tra fish exports by both value and volume since November last year, according to the Vietnam Association of Seafood Exporters and Producers.
The drop was attributed to the decline in new orders due to global inflation and huge inventories, the local media reported.
In January this year, outbound sales of tra fish dipped by 51% in volume and 61% in value year-on-year.
In the first two months, Vietnam’s seafood exports slid 26% year-on-year, while tra fish shipments plunged by 38% against the year-ago period.
The consumption of tra fish in many markets will decline until the end of the second quarter of the year, according to VCBS.
Many experts said that seafood exporters and producers might report negative business results as the price of fish feed rises while the commercial fish price edges down.
However, tra fish producers will bring their production and business back on track in the third quarter of this year. The export price of tra fish will pick up at that time due to higher demand for year-end festivals and holidays.
In 2022, revenue from tra fish exports totaled US$2.44 billion, more than doubling that of 2021. Of the total, the shipment of tra fish to China accounted for the highest proportion at some 29%.