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Will the US Overtake China as Vietnam's Top Pangasius Importer in 2025?

VIET NAM
Wednesday, February 05, 2025, 04:00 (GMT + 9)

Vietnam's pangasius exports to China and Hong Kong reached $163 million in Q4 2024, a 17% increase compared to the same period in 2023, with steady growth throughout the quarter, according to Vietnam Customs.

Total 2024 exports to this market reached $581 million, up 1% year-over-year, reports Thu Hang of the Vietnam Association of Seafood Exporters and Producers (VASEP).

China has been the leading importer of Vietnamese pangasius for the past six years, surpassing the US in 2017 and only briefly relinquishing the top spot in 2018. In 2024, pangasius exports to China represented 29% of Vietnam's total seafood export value. October 2024 saw record-high monthly exports to China and Hong Kong, exceeding $61 million, a 9% increase compared to the same month in 2023.

Frozen pangasius fillets are particularly popular in China, with Q4 2024 exports reaching over $100 million, a 62% surge compared to Q4 2023. Total 2024 frozen fillet exports to China and Hong Kong amounted to $349 million, representing 60% of all pangasius exports to that market, though this figure is down 6% compared to the previous year.

In Q4 2024, China also increased imports of dried fish and other frozen pangasius products (whole, cut, bladders, etc.) by 7% year-on-year. Value-added pangasius product exports saw a remarkable 92% increase in Q4 2024 compared to the same period in 2023.

While China and the US remain Vietnam's top two pangasius import markets, the US enforcement of a WTO ruling against anti-dumping duties on Vietnamese pangasius fillets presents a significant opportunity for Vietnam to increase exports to the US in 2025. This development coincides with the strengthening Comprehensive Strategic Partnership between Vietnam and the US, further bolstering trade relations. Will this pave the way for the US to reclaim its position as Vietnam's leading pangasius market?

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