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Vietnam's Pangasius Exports Reach $1.5 Billion in First Nine Months of 2024

Click on the flag for more information about Viet Nam VIET NAM
Friday, October 11, 2024, 05:00 (GMT + 9)

Vietnam's pangasius exports for the third quarter of 2024 are estimated to total $544 million, marking an increase of nearly 14% compared to the same period in 2023.

Cumulatively, exports for the first nine months of the year have generated $1.46 billion, an 8% rise from the previous year. Notably, while processed pangasius products represented a small share, they saw a significant increase of 42%. Frozen whole pangasius exports rose by 24%, while frozen fillets and cuts experienced a modest 4% growth, according to Thu Hang from VASEP (Vietnam Association of Seafood Exporters and Producers).

The pangasius export performance in the first nine months of 2024 is regarded as positive, following consistent growth in export turnover compared to the previous year. However, customs data indicates that in early September, some key markets faced slight declines: exports to China and Hong Kong fell by 19%, with Hong Kong alone down 17%, and Thailand decreased by 23%. Despite these fluctuations, cumulative pangasius exports up to September 15, 2024, still recorded growth due to strong performance in prior months. Specifically, exports to the U.S. reached $240 million (up 23%), Brazil $81 million (up 26%), and Thailand $43 million (up 9%).

In the first half of September, Mexico continued to lead among CPTPP markets for Vietnamese pangasius, importing $3 million, a 25% increase from the same period last year, and accounting for 30% of total CPTPP pangasius imports from Vietnam. Cumulative exports to Mexico as of September 15, 2024, totaled $55 million, an increase of 19% compared to the previous year.

Following Mexico, pangasius exports to Canada reached $2 million in early September, representing a 49% increase year-on-year. Cumulative exports to Canada as of September 15, 2024, surpassed $28 million, up 13% from 2023.

Since its implementation in January 2019, the CPTPP has significantly enhanced Vietnam's trade relations with markets in the Americas, particularly benefiting Canada, Mexico, Chile, and Peru—markets where Vietnam has established Free Trade Agreements for the first time.

Additionally, in early September 2024, the price of raw pangasius continued to rise, reflecting positive market trends. In week 37, the price was VND 26,400/kg, down from VND 28,900/kg in week 33, yet still high compared to earlier months. Prices for 800g-1000g fish were VND 27,100/kg, while those for 1000g-1200g fish reached VND 27,460/kg, marking the highest prices since week 10, indicating a shortage of larger fish. Fish over 1200g were priced at VND 27,565/kg, comparable to weeks 30 and 31, although prices for smaller fish categories had been lower earlier in the year.

With expectations of rising export prices and turnover, Vietnam's pangasius exports in Q3 2024 are projected to remain strong, as markets prepare for consumer demand during the year-end festival. Value-added pangasius products, in particular, are anticipated to see robust growth, especially in China. Proper inventory management will be crucial for businesses to capitalize on potential opportunities and expand market share.

According to Vietnam Customs, pangasius exports in the first half of September 2024 reached $77 million, reflecting a slight increase of 1% from the same period in 2023. Cumulative exports up to September 15, 2024, reached nearly $1.4 billion, up 9% compared to the previous year.

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