Positive outlook for pangasius exports in the final months of the year
Positive signals of Pangasius exports to high inflation markets | |
Pangasius exports to the EU drops by 19% | |
Pangasius exports are forecasted to bounce back at the end of the year |
Processing pangasius for export at Vinh Hoan JSC |
Positive results from the US market
According to Vietnam Customs, pangasius exports in September 2024 reached US$172 million, up 3% compared to September 2023. Cumulative exports through the third quarter of 2024 totaled US$1.5 billion, an 8% increase over the same period last year.
Exports to the US recorded positive results in the last month of Q3, reaching over US$30 million, up 32% compared to September 2023.
Over the first nine months, exports to the US reached US$256 million, marking a 24% increase year-over-year. The US remains Vietnam's second-largest market for pangasius, after China. According to the International Trade Center (ITC), Vietnam has been the top supplier of pangasius products to the US in the first nine months of the year.
The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that current US inventories of finished pangasius products were lower than in 2023, likely prompting retailers to restock ahead of the year-end holiday season. Additionally, lower inflation figures in the US may boost consumer demand, creating an opportunity for Vietnamese exporters.
Many Vietnamese pangasius enterprises are expanding their US market share, with Vinh Hoan JSC standing out as the largest Vietnamese exporter of frozen pangasius fillets to the US, holding a 47% market share.
Compared to other major markets, such as China and the EU, the US market is demonstrating a clearer recovery in both pricing and demand.
In early September 2024, the US Department of Commerce announced preliminary anti-dumping tax results for frozen pangasius fillets, removing anti-dumping duties for many Vietnamese exporters. This development provides further opportunities to boost exports to the US.
In September 2024, Thailand emerged as Vietnam's third-largest importer of pangasius. Exports to Thailand reached US$5.8 million, a 21% decrease compared to the same period last year. Cumulative exports to Thailand by the end of September 2024 totaled US$46 million, up 6% from 2023.
Exports to the EU showed a slight decrease of 1% in the first nine months, reaching US$128 million. For September 2024, exports to the EU stood at US$14 million, a 2% drop from September 2023.
Focus on value-added products
Frozen pangasius fillets continue to be Vietnam's primary export product. The export value of this product increased by 5% in the first nine months, reaching US$1.2 billion.
As of the end of September 2024, processed pangasius exports grew by 45%, reaching US$32 million, while dried and other frozen pangasius products (whole, cut, ...) reached US$273 million, up 23% year-over-year.
Vietnam's pangasius exports ended the first nine months of the year with positive results, as markets maintained growth momentum.
In addition to frozen pangasius fillets, Vietnam’s value-added pangasius products are increasingly establishing a strong position in the global market. Recent market fluctuations have demonstrated that developing processed value-added products is an essential business strategy for Vietnamese seafood enterprises.
Popular Vietnamese value-added pangasius products include breaded fried pangasius, frozen battered pangasius fillets, crispy fried pangasius skin snacks, frozen fried basa fish cakes, frozen breaded pangasius nuggets, and frozen basa fish vegetable balls.
According to VASEP, in the last three months of the year, as trade and service activities ramp up in preparation for the holiday season, this period will be a peak time for pangasius exports to reach their 2024 targets.
During this time, pangasius exporting enterprises should take advantage of increased promotion efforts, actively marketing various pangasius products, especially value-added processed products, to seize market opportunities—particularly with nearby border markets such as China.
With substantial potential for value-added pangasius exports, businesses must proactively adapt to capture emerging opportunities and meet international market demand.
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