Pangasius exports up 2% in the first five months

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s pangasius export value is estimated to reach USD 725 million in the first five months of 2024, an increase of 2% compared to the same period in 2023.

The United States remained the largest importer of Vietnamese pangasius in the first five months, followed by China, Europe, and several South American markets. Frozen pangasius fillets continue to be the main export product in the US market. As of the end of May 2024, exports of frozen pangasius fillets to the US reached over USD 120 million, up 19% compared to the same period in 2023, accounting for 98% of the total export value of pangasius to the U.S.

In the European market, Germany has surpassed the Netherlands to become the largest destination for Vietnamese pangasius. Additionally, several markets within the European Union have seen positive growth in imports of Vietnamese pangasius, including Lithuania (up 215%), Spain (up 69%), Belgium (up 62%), Greece (up 46%), and Portugal (up 15%).

The Ministry of Agriculture and Rural Development (MARD) anticipates the fisheries industry will see clear improvements, aiming for an export value of around USD 10 billion.

Despite positive signals, VASEP suggests that recovery and economic growth in Europe in 2024 will not be easy, given the increasing tensions from the Russia-Ukraine conflict, along with the conflict in the Middle East, which pose significant uncertainties and risks to the economic outlook of the EU. Therefore, VASEP advises Vietnamese exporters to maximize the advantages and benefits of the Vietnam-European Union Free Trade Agreement (EVFTA) to further penetrate the European market. Additionally, meeting the EU’s green standards for environmental protection and sustainable development is also crucial for Vietnamese businesses to deepen their engagement in the European market.

(Source: https://vietfishmagazine.com/)