Pangasius exports in August 2024: Demand and export prices continue to recover

Regarding consumption markets, pangasius exports to some markets continued to record positive double-digit growth, such as the US, CPTPP, Brazil, Thailand, Colombia, etc. China and Hong Kong are still the largest consumption markets for Vietnamese pangasius in August 2024, reaching more than 57 million USD, up 9% over the same period in 2023. By the end of August 2024, the total export value of pangasius to this market reached 370 million USD, down slightly by 2% over the same period last year.

Pangasius exports to the US in August 2024 reached more than 35 million USD, an increase of 40% compared to August 2023. August 2024 also recorded the second highest export value to this market in the year (after April 2024 with more than 37 million USD). Pangasius export value to the US in the first 8 months of this year reached 226 million USD, an increase of 23% over the same period last year. The recovery of the US market is considered a lever for the growth of pangasius exports, especially in the context of less optimistic imports from China. Through bidding programs of the US Department of Agriculture, it is expected that this country will continue to have demand for whitefish species. Specifically, on August 29, 2024, the US Department of Agriculture (USDA) announced that it will buy more Pacific cod, also known as cod, grouper fillets, and catfish products. The USDA said it paid $6.5 million for 1.5 million pounds of catfis

Brazil is the third largest single market for Vietnamese pangasius consumption, with nearly 12 million USD in August 2024, down 10% year-on-year. By the end of August 2024, pangasius exports to this largest South American country reached 77 million USD, up 28% year-on-year.

Pangasius exports in August 2024 in the markets recorded more optimistic signals thanks to the recovery in demand and export prices. With the growth momentum in exports in the first 8 months of this year and optimistic forecasts that it will continue to grow in the last 4 months of the year, the target of 2 billion USD of the pangasius export industry can reach or exceed the expected target.

(Source: https://seafood.vasep.com.vn/)