(seafood.vasep.com.vn) In 2023, the world imported nearly 1.8 billion USD of pangasius from Vietnam, down 26% over the same period in 2022.
China & HK were still the top consuming markets for Vietnam’s pangasius in 2023. China's increased market openness than in early 2023 causes the value of pangasius exports to this market to gradually increase again. In 2024, demand from China will recover better than in 2023. Although pangasius products are widely used and popular in restaurant systems, export prices to this market has been low levels.
The lower sales in the US market in 2023 is mainly due to the high level of inventory in this country from the massive imports at the end of 2022, which is also the main reason for the continuous negative growth of pangasius exports to the US compared to the same period throughout 2023. In 2022 the value of US pangasius imports purchased from Vietnam reached the history record due to increased consumption demand after the Covid-19 epidemic.
After reducing high-priced inventory from 2022, the market may return to be more vibrant, but the recovery level will not be high. During the recent inspection by FSIS, Vietnamese pangasius was assessed well in terms of food safety, along with low tax rates, although still in the preliminary stage of the POR 19 administrative review period, there is high hope for fish businesses to penetrate this market. In addition to recovery opportunities for seafood exports to the US, businesses face numerous challenges. In particular, the increasing number of US seafood companies seeking approval from the US Department of Commerce as plaintiffs in the pangasius anti-dumping lawsuit makes annual administrative reviews increasingly complicated.
The results achieved by the pangasius export sector in 2023 also shed light on the export and consumption trends of 2024. Pangasius exports will not focus on frozen fillets - Vietnam's strong product, but will expand and gradually increase with added-value pangasius and by-products (fish maw, pangasius patties).
Global fluctuations in the last months of 2023 also have a certain impact on the trends and strategies of processors. Seafood from Russia, including Russian seafood processed by a third party, which is banned from importation by the US, could be an opportunity for Vietnamese pangasius exporters to the US.
In 2024, it is forecast that export prices will increase again, however, recent tensions in the Red Sea have also caused many difficulties in the transportation process, particularly concerning increased shipping costs.