Will Brazil be a promising market for Vietnam’s value-added pangasius products?

According to Vietnam Customs, Vietnam’s pangasius exports to Brazil recorded a 26% year-on-year growth as of September 15, 2024, reaching over $81 million. In just the first half of September, pangasius export value to this market reached nearly $5 million, a 3% increase compared to the same period in 2023. Brazil is the third largest destination for Vietnamese pangasius, following China and the US.

Vietnam’s pangasius exports to Brazil have shown steady growth since the beginning of the year, except for a 10% decline in August 2024, reaching only $12 million. This marked the second month of declining pangasius exports to Brazil, with the previous decrease occurring in February 2024, when exports fell by 6% to USD 6 million due to the Lunar New Year holiday.

The South American nation primarily consumes frozen pangasius fillets from Vietnam. The market imports few other frozen products (whole fish, portion, maw, etc.) and almost no value-added pangasius products from Vietnam as of September 15, 2024.

According to the International Trade Centre (ITC), frozen pangasius fillets under HS code 030462 are the most imported product by Brazil from global markets. In the first eight months of this year, Brazil imported nearly USD 86 million worth of frozen pangasius fillets under HS code 030462, a 54% increase compared to the same period last year. January witnessed the highest consumption of frozen pangasius fillets in the country, with nearly $17 million, a doubling compared to January 2023. Vietnam is the primary supplier of whitefish (mainly pangasius) to this market in the first eight months of 2024, and the sole supplier of frozen pangasius fillets under HS code 030462.

In recent years, consumers in this South American country have shown an increasing demand for convenient processed products. Notably, São Paulo, Brazil’s most populous and wealthiest city, leads the country’s trend of seeking frozen or processed seafood products that are nutritious and healthy. Meanwhile, Brazil imports almost no value-added pangasius products from Vietnam. This market still holds significant potential for Vietnamese exporters to explore.

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