The average export price of Vietnamese pangasius increased slightly in February 2024

In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.

Pangasius exports in February 2024 to markets witnessed negative growth from 35% to 56%. In February 2024, Vietnam’s pangasius export volume decreased because Tet holiday coincided in this month, but the average price still increased due to some concerns about a lack of supply and positive market demand. In February 2024, the export volume of pangasius decreased by 36% over the same period last year, reaching more than 42 thousand tons and down 40% compared to January 2024.

Although export volume decreased, the average export price of pangasius increased by about 4% to 2.13 USD/kg. Pangasius export prices are expected to recover in 2024 thanks to increased demand from the US and EU. From the beginning of 2024, the EU announced a 13.7% tax on all Russian pollock products and third-country products originating from Russia. Since the end of December 2023, the US imposed a ban on importing seafood products processed in third countries but originating from Russia. Other pollock exporters also face new tax rates ranging from 4% to 7% higher than last year.

In February 2024, China and Hong Kong were still the largest consuming markets of Vietnamese pangasius; however, the export volume decreased sharply after reaching about 13 thousand tons in January 2024. The average export price to this market also decreased from November 2023 to February 2024; this price also decreased by 1.5% to 1.94 USD/kg.

In February 2024, the EU imported more than 3,000 tons from Vietnam, while the export price to this market still increased by 8.4% to 2.49 USD/kg.

Also in February 2024, the US increased imports of Vietnamese pangasius, reaching more than 6,000 tons. Pangasius’s export price to this market is stable, increasing slightly by 0.8%, or about 2.66 USD/kg.

The ASEAN market also had a positive impact on Vietnam in February, with import volume increasing slightly, reaching nearly 6,000 tons, and the average export price increasing by 6.8% compared to January 2024 at 1.92 USD/kg.

After a strong price increase in January 2024, the Mexican market continued to increase prices in February 2024, with an increase of 7.8% to 2.32 USD/kg. However, in February 2024, this market reduced the volume of pangasius imports from Vietnam to nearly 1,000 tons.

Pangasius export price to the UK was considered stable from the beginning of 2024 at 3.12 USD/kg. However, the volume of Vietnamese pangasius exports to the UK in February 2024 decreased to about 740 tons.

For the Brazilian market, this country reduced imports of Vietnamese pangasius and reached nearly 2,000 tons in February 2024. Pangasius export price to this market simultaneously decreased by 0.7% to 2.67 USD/kg.

In February 2024, the export value of Vietnamese pangasius to markets almost decreased by double digits after increasing sharply in the previous month, mainly due to the Lunar New Year holiday. However, export prices generally still increase or remain stable.

In the first half of March 2024, pangasius export turnover to markets reached 74 million USD, down 18% over the same period. As of March 15, 2024, pangasius exports reached 329 million USD, almost unchanged compare to the same period in 2023.

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