Pangasius exports see potential in some South American and Asian markets

Cumulative exports of Vietnamese pangasius in the first 10 months of this year reached more than 1.5 billion USD, down 29% compared to the same period in 2022. In October 2023, pangasius exports recorded positive growth to markets such as China & HK, Mexico, Canada, the EU, Germany, etc., in which some South American and Asian markets are considered potential, such as Brazil, China, and Thailand, with double-digit growth rates.

In October 2023, China and Hong Kong continued to be the leading markets for Vietnamese pangasius exports and recorded positive growth with a value equivalent to the previous month, up 15% over the same period last year. In the first 10 months of this year, pangasius exports to this market decreased by 23%, reaching more than 490 million USD.

Pangasius export turnover to the US in October 2023 reached more than 21 million USD, down from nearly 23 million USD the previous month and down 43% over the same period last year. By the end of October 2023, cumulative pangasius exports to this market decreased by more than half compared to the first 10 months of 2022 and only reached 228 million USD. The US market has shown signs of improving consumer demand; the company's product inventory level at distributors and retailers in the US has decreased to an average level; along with that, consumer confidence index usage continues to improve. These factors, along with the year-end holiday season, can stimulate businesses here to increase inventory accumulation, which will be an opportunity for seafood exports in general.

The EU has increased imports of Vietnamese pangasius since September 2023 and maintained a stable increase in October of 10% with a value of nearly 15 million USD. By the end of October 2023, the EU had imported 144 million USD of Vietnamese pangasius, down 17% over the same period last year. In particular, Germany is still the bright spot of this market block, when Vietnamese pangasius exports to here increased by 44% compared to the first 10 months of 2022. In October 2023 alone, the market increased imports of pangasius products by 2.5 times. Demand for Vietnamese pangasius in the EU gradually increased again due to preparations for the year-end festive season. The EU is expected to be a bright spot for exports in the last months of this year when it is considered to have a more stable economy than other key markets.

October 2023 is a peak month for the service industry to prepare for the major holidays of the year, when consumers increase their demand for products, including Vietnamese pangasius. Signs of recovery and slight growth in the first month of the fourth quarter of this year are expected to maintain and increase in the last 2 months of 2023. However, exporters should also seek to exploit other potential markets in South America and Asia, in addition to the US and China, and at the same time promote the export of other products besides frozen fillets to maintain the initiative.