Vietnamese pangasius exports in May 2024 hits highest level in two years

In May 2024, Vietnam’s pangasius exports reached 80,000 tons, marking the highest export volume since 2022 and the third consecutive month of growth, mainly driven by high demand from China.

Vietnam’s exported pangasius volume surpassed 83,000 tons in May 2024, representing a 46% year-on-year increase and an 8% month-on-month increase. Specifically, exports to China & Hong Kong continued to rise by 20% year-on-year. Additionally, the export volume to some other markets saw significant increases: ASEAN by 7%, Mexico by 15%, and the United Kingdom by 33%. However, the US market saw a 1% decrease in import volume from Vietnam.

The Chinese market is recovering strongly, with high demand and stable prices. This trend may continue to boost Vietnam’s pangasius exports in the second half of this year. Pangasius prices in Chinese retail stores are cheaper than domestically farmed freshwater fish, such as carp. After a 3% increase in March, pangasius prices fell over the next two months. The economic weakness has caused consumers to cut back on their spending. The advantages of reasonable prices and good fillet quality are among the factors that make pangasius increasingly popular and establish a foothold in this market.

In May 2024, the export volume to China & Hong Kong reached over 29,000 tons, the highest since February last year and also the highest growth since February 2024. Despite the increased export volume, the average export price to this market still dropped by 18% year-on-year, leading to a negative growth in total export value.

The export volume to the US in May 2024 reached over 13,000 tons, slightly down from the previous month, while the average export price increased by 1.7% to $2.95. After a bleak 2023 with continuously declining export turnover, pangasius exports to the US have gradually improved. According to Vietnamese Customs data, in the first half of June 2024, pangasius exports to the US reached nearly $14 million, a 39% increase year-on-year. By June 15, 2024, cumulative exports to this market reached $146 million, up 18% compared to the same period in 2023.

In May 2024, the export volume to the EU was relatively stable, although it slightly decreased to over 6,000 tons. However, the average export price in May 2024 was equivalent to March 2024, at $2.43/kg, down 4.7% from the previous month.

For the ASEAN market, in May 2024, the export volume reached nearly 9,000 tons, the highest import volume for this market since November last year. However, the average export price decreased by 7.5% to $1.74/kg – the lowest since late 2021, while farmers are facing higher input costs.

Mexico’s pangasius import volume in May 2024 continued to rise for the third consecutive time to over 2,000 tons, while prices remained unstable and fell 7.4% from the previous month to $2.13/kg.

In May 2024, the UK imported nearly 2,000 tons of pangasius from Vietnam, an impressive figure over the past 5 years, while the export price still dropped by 7.3% to $2.43.

Lastly, Brazil’s import volume in May 2024 exceeded 2,000 tons, double the same period last year, while the price still dropped by 1.5% to $2.69/kg.

Thus, Vietnam’s pangasius export volume in May 2024 reached the highest level in two years. Among the driving forces of this growth, the Chinese market plays a significant role, with the highest import volume since February last year. Despite this, export prices remain low in several markets due to high production input costs while selling prices remain low. This may impact the profitability of pangasius exporting enterprises.

Pangasius export volume is expected to continue increasing in the second half of 2024 due to high demand from key markets such as China and ASEAN. However, export prices may remain low due to competitive pressure and high input costs. Pangasius exporting enterprises need to focus on improving product quality, diversifying markets, and finding solutions to reduce production costs.

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