Vietnam’s pangasius captures over half of Colombia’s whitefish market

Vietnam continues to assert its position as the leading supplier of whitefish to Colombia, driven by strong demand for pangasius.

According to data from Vietnam Customs, pangasius exports to Colombia in August 2024 exceeded USD 6 million, marking an impressive 37% growth compared to the same month last year. This also represented the highest import value Colombia recorded so far in 2024. Cumulatively, Vietnam’s exports of pangasius to Colombia in the first eight months of the year reached USD 35 million, a notable 44% increase year-on-year.

Topped the list

The latest figures from the International Trade Centre (ITC) reveal that in the first half of 2024, Colombia imported whitefish from nine different suppliers. Vietnam topped the list as the largest supplier, with exports valued at nearly USD 19 million, representing a 15% rise from the previous year. Vietnam’s market share now accounts for 66% of Colombia’s total whitefish imports, predominantly driven by pangasius.

China ranked second with 32% of the market share, while imports from other countries such as Peru, Ecuador, Venezuela, the U.S., Uruguay, Panama, and Chile remained negligible, with most showing negative growth.

High Demand for pangasius and catfish products

Colombian consumers have shown a strong preference for frozen pangasius and catfish, particularly under HS code 030324, which includes frozen pangasius and catfish products. In the first half of 2024, this category represented 44% of Colombia’s total whitefish imports, followed by frozen tilapia fillets (HS 030461) at 30%, and frozen catfish fillets (HS 030462) at 20%.

Vietnam has been a key player in fulfilling this demand. During the first half of the year, Colombia imported over USD 12 million worth of frozen pangasius and catfish (HS 030324) from Vietnam, reflecting a 27% increase compared to the same period in 2023. Remarkably, 98% of Colombia’s total imports of HS 030324 products originated from Vietnam, highlighting the country’s dominance in this segment.

Growing appetite for frozen pangasius

Colombia is the fourth-largest economy in Latin America and a leader in freshwater aquaculture, particularly in tilapia production. Despite its strong domestic production, the country maintains a steady reliance on imported frozen pangasius from Vietnam. This trend has remained stable, even as other suppliers have struggled to maintain a foothold in the market.

The outlook for Vietnam’s pangasius exports to Colombia is optimistic, especially in the final months of the year when demand is expected to rise. Hotels, restaurants, and catering services in Colombia typically increase their purchasing during the holiday season and year-end festivities, further boosting the need for imported frozen seafood.

Key players

Vietnam’s pangasius export success to Colombia is driven by the efforts of 18 key exporters. Leading the charge is Vinh Tien, which accounted for 45% of the total export value to Colombia in the first eight months of 2024. Other notable exporters include Nam Viet with 23%, Cadovimex II with 8%, Ben Tre Seafood with 6%, and Phat Tien Seafood with 5%. These companies have been instrumental in cementing Vietnam’s position as the top whitefish supplier to the Colombian market.

Promising future

As demand for high-quality, affordable whitefish continues to grow in Colombia, Vietnam is well-positioned to maintain and expand its dominance in the market. With a proven track record of meeting Colombian consumer preferences and a strong network of exporters, Vietnam’s pangasius industry is poised for continued success in the coming months and years.

The combination of rising demand, Vietnam’s competitive pricing, and its ability to consistently supply frozen pangasius to the Colombian market ensures that the outlook remains bright for Vietnamese exporters. As the holiday season approaches, Vietnam’s pangasius is expected to play a key role in fulfilling the seafood needs of Colombia’s consumers and businesses alike.

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