In November 2023, Vietnam’s pangasius exports to Brazil reached nearly 14 million USD, up 81% over the same period in 2022, highest in terms of value and growth since February 2022. This is also the 5th consecutive month in 2023 that this market recorded positive growth in pangasius imports.
In the first 11 months of 2023, Brazil consumed more than 97 million USD of pangasius from Vietnam, up 11% over the same period in 2022. Unlike many other markets, this Latin American country only imports frozen pangasius fillet products from Vietnam.
The diverging trends of average FOB export price and export volume are particularly evident in this market. According to the latest data, the average price of exported pangasius to Brazil in October 2023 increased slightly compared to the previous month, but still remained below 3 USD/kg, continuing to decrease 16% over the same period in 2022. 2023 has been a challenging year for the entire pangasius industry, with export prices to most markets declining. Brazil is no exception. Although prices have decreased, compared to mid-2019 - early 2023, this is still an acceptable price.
In contrast, the volume of Vietnam’s pangasius exports to Brazil has steadily increased since June 2023. Thanks to that, export value still grew positively, despite the continuous decline in average FOB export price. In October 2023, Vietnam exported nearly 3,000 tons of pangasius to Brazil. Demand for Vietnam’s pangasius in Brazil remains stable and somewhat increases compared to other markets in the context of a general decline.
According to data from the World Trade Center (ITC), Vietnam remains the top supplier of white fish (mainly pangasius) to Brazil. However, Vietnam’s pangasius has to compete with not only countries that are starting to farm this fish, but also with other types of white fish such as hake (HS code 030474) or cod (HS code 030363).
Brazil is one of the important markets for Vietnam’s pangasius. In 2023, export growth to this market will drive Vietnam’s export enterprises to seize opportunities and boost exports to this country, whose middle class is growing.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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