In April 2024, the US sharply increased imports of Vietnam value-added pangasius

Since the beginning of this year, the US has continuously increased imports of VAT pangasius products from Vietnam. In the first month of this year, Vietnam exported nearly 295 thousand USD of value-added pangasius to the US, an increase of 18 times over the same period; in February 2024, this value reached more than 114 thousand USD, an increase of 2,200 times. In March 2024, it increased by 76% to 150 thousand USD. Notably, in April 2024, exports of value-added pangasius products to the US reached more than 300 thousand USD, an increase of 67 thousand times. By the end of April 2024, the US increased imports of value-added products from Vietnam by 8.5 times with 860 thousand USD.

Frozen pangasius fillets are still the main product of pangasius exports to the US. In April 2024, export turnover of frozen fillet products to the US reached more than 37 million USD, an increase of 35% compared to April 2023. This is the highest value the US has imported since the beginning of this year for pangasius products under HS code 0304 (except fish cakes and surimi). By the end of April 2024, exports of frozen pangasius fillets to the US reached more than 100 million USD, an increase of 19% over the same period in 2023, accounting for 98% of the total value of pangasius exports to the US.

Meanwhile, exports of dried and other frozen pangasius (steak, butterfly, maw…) to the US in April 2024 witnessed a negative growth of 72% with a value of 165 thousand USD. Total exports of these products to the US in April of this year reached nearly 1 million USD, down 28% over the same period last year.

Consumers in the US are increasing their demand for white fish products, especially pangasius from Vietnam. Pangasius exports to the US in April and in the first 4 months of this year showed many signs of improvement after continuously declining in 2023. Recently, a large number of Vietnamese enterprises participated in and introduced pangasius products in Vietnam at the North American Seafood Exhibition. With the advantage of a delicious white-flesh fish, suitable for processing a variety of dishes from packaged fillets, and frozen products to processed products such as fish sticks or fish burgers, it has attracted importers from all over the world this market.

In addition, white meat fish supplies to the US are decreasing in the context of scarcity of other white meat fish products such as tilapia is also a positive sign for Vietnamese pangasius exports to the US market.

The news that the US is considering recognizing Vietnam as a market economy has brought optimistic hope to many Vietnamese economic sectors, including the fisheries industry. It is expected that in July 2024, the DOC will have a decision on whether Vietnam can change its status from a non-market economy to a market economy. If Vietnam is recognized as having a market economy, this will be an advantage for Vietnamese businesses in the upcoming administrative reviews of anti-dumping duties on shrimp and pangasius.