Vietnamese tra fish products have been successful in the US market, despite facing trade barriers. The export value has been increasing and is expected to continue to grow in the future. This success is due to the high quality of Vietnamese tra fish compared to other exporters.
Vietnamese Tra Fish Products are a Success in the US Market
Vietnamese tra fish products have dominated the US market from January to April 2018, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The total export value of tra fish to the US market has reached $108 million in the first half of April, which is a 26% increase compared to the same period last year. This value has been consistently growing, and VASEP expects this trend to continue.
Vietnamese Tra Fish is the Preferred Choice in the US Market
Vietnam and China are the only exporters of tra fish to the US market, and Vietnamese tra fish has accounted for 90% of the total imports to the US. Although China has increased its production of frozen catfish fillets in recent years, the average price of Chinese catfish in the US market is significantly higher than that of Vietnamese catfish. This is because the quality of Vietnamese tra fish is superior to other exporters, making it the preferred choice in the US market.
Challenges to Vietnamese Tra Fish Exports
The increasing demand for Vietnamese tra fish products in the US market has led to a surge in the cost of raw material in the domestic market. This has caused an increase in the price of catfish in all export markets, including the US. Additionally, anti-dumping duty and the catfish inspection programme have prevented local seafood enterprises from promoting exports of catfish products to the US market.
Future Prospects for Vietnamese Tra Fish Exports
Despite the challenges, Vietnamese tra fish products have been successful in the US market, and this trend is expected to continue. VASEP expects the export value of tra fish to slightly increase in the second quarter of this year against the same period last year. Although the number of tra fish exporters to the US market is likely to remain at less than three enterprises, Vietnamese tra fish products will continue to dominate the US market due to its superior quality.