Asia’s frozen seafood products import and export market plays an essential role in the world’s seafood market. For the past 11 months, Asia’s main seafood export has encountered many challenges. Ocean Treasure will give a short recap for the year 2020 for some feature products export from Asia. Tilapia, Pangasius, Vannamei, and Yellowfin Tuna.
Tilapia
For Tilapia, during the pandemic, it dominated the seafood export market of Asia after July. According to the USA and the EU’s demand, the price has increased by almost 22%. We can see that the FOB price is stable during the first half-year. The FOB price of 100% N.w weight tilapia is 2.83-2.95 $ /kg. But at the end of November, 22% increased. Due to the crazy freight increase, the price of Tilapia is high now. However, the orders are full until March 2021.
Pangasius
For the Pangasius export market in Asia, for the first year, due to the pandemic situation, Pangasius’s demand has dropped a lot, which led to its price drop. Pangasius’s price has fallen almost 19.8% from January to July. After July, the seafood market opens, and Pangasius profited from the market trend. The price sharply increased. At that time, too many demands targeted Tilapia, and more buyers switched their target to Pangasius. That’s why the price increased by 32.3% from July to October. However, because of the slow down of Christmas and New Year purchases in November, the price dropped 7.5%.
Vannamei
The vannamei market in Asia is a small part of the export business in Asia. The vannamei price sharply dropped due to the pandemic—the export price dropped in Asia most because of Asia’s stock situation. In the new year, usually, the consumption of Vannmei is enormous, but Asia just had the lockdown during the Chinese New Year. So these stocks accelerated the price drop rate of exporting vannamei. The factories needed the cash flow to run their business. After July, the USA and EU demand increased, and the domestic market demand was reviving. In this situation, the price of the export market is expanding.
Yellowfin Tuna
For the yellowfin tuna, the market is hugely affected by the pandemic. The restaurants and supermarkets are the main markets for yellowfin tuna. The lockdown worldwide made the demand for Yellowfin tuna freeze. The price dropped by 12% at the beginning of 2020, and until now, the price is still low. In November, It tends to recover a bit.
In conclusion
Asia’s frozen seafood export market finally starts to recover. Now the Chinese New Year is coming, and the price will increase again due to the low supply. Most of the factories will start the Chinese New Year holiday in the middle of January 2021. In addition to these days’ massive freight increase, the export flow will slow down. (Actually, right now, it’s tough to find a container available for exporting frozen seafood)
Ocean Treasure has seafood resources from all over the world, and you can contact us. Ocean Treasure can give you a reasonable suggestion for your purchase with our 11 years of international seafood business experience. If you have any pangasius requests, Ocean Treasure can offer you a competitive price.
