Steady Tra Fish Export Growth in ASEAN Market
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tra fish exports to the ASEAN market reached US$87.3 million in the first five months of this year, representing a 14.6% increase compared to the same period in 2018.
Although this growth rate appears relatively modest when compared to the high export growth experienced in 2018 (up 41.5% and reaching US$202.6 million), it holds significant importance considering the overall stability of tra fish exports during this period.
Thailand: Key Market for Vietnamese Tra Fish
Among ASEAN countries, Thailand continues to hold its position as the most important market for Vietnamese tra fish. In the first five months of this year, tra fish exports to Thailand reached US$32.5 million, marking a 9.2% increase compared to the same period in 2018.
Notably, tra fish consistently accounted for 40-90% of Thailand’s total value of imported white fish during the past five months. The overall demand for white fish, in general, is growing in proportion to the structure of frozen seafood groups imported into Thailand. Therefore, tra fish is poised to capture more opportunities for export growth to Thailand in the foreseeable future.
The Philippines: Emerging Market for Vietnamese Tra Fish
Despite being an emerging market within ASEAN in recent years, the Philippines has rapidly become the second largest market for Vietnamese tra fish in the region. In the first five months of this year, tra fish exports to the Philippines reached US$19 million, demonstrating a noteworthy 25% increase compared to the same period last year.
It is worth noting that Vietnam is the sole and largest market for white fish, including tra fish, in the Philippines.
Malaysia: A Promising Market for Vietnamese Tra Fish
Vietnam also holds a leading position in supplying white fish, including tra fish, to the Malaysian market. By the end of May 2019, the value of tra fish exports to Malaysia reached US$18.8 million, showcasing a substantial 47.3% growth over the same period last year.
Despite Malaysia importing white fish from various countries such as China, America, England, and France, Vietnam remains the largest supplier. Therefore, Malaysia is considered one of the promising markets for Vietnamese tra fish within ASEAN in the coming years.
Regional Trade Agreements Drive Tra Fish Exports
The export growth of tra fish to ASEAN markets has been further propelled by regional free trade agreements, with particular emphasis on the ASEAN Trade in Goods Agreement (ATIGA). Currently, under the provisions of ATIGA, ACFTA (ASEAN-China Free Trade Area), and AKFTA (ASEAN-Korea Free Trade Agreement), the tax on frozen tra fish fillets stands at 0%.
Increasing Potential in ASEAN Market for Vietnamese Tra Fish
The demand for tra fish imports in many countries across ASEAN is either increasing or remaining stable. Consequently, the ASEAN market is gaining importance for Vietnamese tra fish, offering significant potential to boost exports to this region in the near future. In 2018, ASEAN emerged as the fourth largest market for Vietnamese tra fish after the US, China, and the EU.
In summary, the tra fish export growth to the ASEAN market indicates promising opportunities for the Vietnamese seafood industry. Key markets such as Thailand, the Philippines, and Malaysia exhibit substantial growth and demand for tra fish. Supported by regional trade agreements and a positive market outlook, Vietnamese exporters are well-positioned to capitalize on the potential of the ASEAN market in the years to come.
