Pangasius exports surpass mid-year milestone, targeting $1.8 billion in 2024

According to Vietnam Customs data, in June 2024, the export value of pangasius soared to nearly $172 million, marking a 20% increase compared to the same period last year. The cumulative export value for the first six months of this year hit $918 million, reflecting a 5% rise compared to the same timeframe in 2023.

Frozen pangasius fillets under HS code 0304 continue to dominate exports to various markets. By the end of June 2024, exports of this product reached $739 million, a 3% increase year-on-year, making up 80% of the total export value. Exports of dried pangasius and other frozen products (whole fish, cut pieces, fish bladders, etc., under HS code 03 excluding HS 0304) for the first half of the year totaled $162 million, a 17% increase compared to the same period last year, accounting for 18% of the total export value. Value-added pangasius products under HS code 16 made up the remaining 2%, with an export value of $17 million in the first six months of 2024, a 28% increase from the same period in 2023.

China and Hong Kong remained the top importers of Vietnamese pangasius in June. In June 2024, Vietnamese pangasius exports to these markets reached $56 million, a 16% increase from June 2023. However, the first half of this year saw a slight dip, with exports totaling more than $258 million, an 8% decrease compared to the same period last year.

The United States emerged as the second-largest importer of Vietnamese pangasius after China. In mid-2024, the U.S. imported $27 million worth of pangasius, a 22% increase from June 2023, although this was a 9% decrease from the previous month. The export value to the U.S. for the first six months of this year reached $160 million, a 14% rise from the same period last year.

Vietnamese pangasius exports to the CPTPP market bloc also experienced positive growth in the first half of 2024, with an export value of $128 million, an 11% increase year-on-year. Specifically, in June 2024, exports to this market reached $25 million, a 21% increase from June 2023.

Several other individual markets also showed robust growth in imports of Vietnamese pangasius in the first half of 2024, including Brazil at $52 million (up 42%), Thailand at $30 million (up 9%), Colombia at $22 million (up 40%), and Saudi Arabia at $20 million (up 17%).

After a challenging 2023, the industry has been focused on seizing every export opportunity in various markets during the first half of this year. Looking ahead to the latter half of the year, demand is expected to continue rising as countries prepare for festivals and holidays. The export price of pangasius is also anticipated to recover and gradually increase. In 2024, Vietnamese pangasius exports are projected to reach $1.8 billion, a 6% increase from 2023.

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