Panga is one of the most farmed fish in the world. In 2020, the performance of pangasius export was poor than that of 2019. Ocean treasure will do a data summary of the panga export status in 2019 and 2020.
Vietnam is always and no doubt the top 1 of the exporting country. In Ocean treasure’s database, the total export panga number was 96,000 tons in 2019, but only 56,000 tons in 2020. A sharply 41.6% decrease. According to the exact numbers, the export of Panga sharply decreased from April. In April 2020, the export number only 25% as that of 2019. This situation lasts for almost half a year. The price of Panga also dropped according to the bad performance of the exporting rate. The price level is about 2.1 dollars and decreased to 1.7 dollars FOB till July 2020.
Export data for Panga
The exporting number starts to increase from May and finally as we mentioned before the price began to grow as long as the exporting number. In September, the exports reached the highest at 4,000 tons in a month, which is still 1,500 tons less than September 2019.
As the graph shows, we can see that the panga product’s poor performance in 2020. But as we analyze the trend, we can still see that the panga market is still healthy. At the end of 2020, The price bounces back a bit higher than the beginning of 2020. In February 2021, the price of Panga starts to increase again!
Panga is always an excellent substitution product for tilapia. Due to the situation of tilapia, the farming of tilapia is decreasing every year. In 2018, there were 1.9 million tons, 2019, 1.8 million tons, and 2020, with 1.7 million tons. The poor harvest situation of tilapia drives the price extremely high, even twice as that of the Panga. This situation is a good chance for Panga to get the market share; since the pandemic hardly hit the economy, the economic seafood consumption concept will become the main purchase concern. In this case, Panga will be the best choice to buy instead of tilapia with this high price level. The tilapia farming situation of 2021 is terrible. Nearly 40% of tilapia is dead caused by the suddenly extreme cold weather. This will cause the tilapia price sky-high and will last until the next season.
Vietnam Pange with a confident target
Vietnam sees the chance of the panga market and sets a worthy goal for harvest 1.65 million tons of Panga in the year 2021, which is 5% more than that of 2020.