Pangasius exports to China in the first eight months of this year fell 28%to US$406 million, according to the Vietnam Association of Seafood Exporters and Producers.
Since September Chinese demand for the fish has not increased much even as it has stepped up imports from Norway, South Korea, Australia, and Chile.
The director of a pangasius export company in southern An Giang Province said that demand from Chinese hotels and restaurants for catfish is low now.
Chinese consumers prefer fresh seafood over frozen products.
Besides difficulties in exporting, Vietnamese pangasius firms are also facing high input and farming costs.
According to data from catfish exporters, farmers’ production costs are now VND26,500-27,000 (over US$1.1) per kilogram while their selling price is VND300-500 lower.
The average export price is $2.5-2.6 per kilogram, down from $3.2 a year ago.
“We are trying to sustain production, but this year profits have dropped sharply,” the export company director said.
According to VASEP, demand for Vietnamese pangasius will increase again in the fourth quarter, the peak season in China.