Pangasius is the top choice for Brazilian seafood importers

There was a 6% decline in Vietnam's pangasius exports to Brazil in February 2024 compared to the same period in 2023, with the total value reaching 6 million USD.

Vietnam's pangasius exports to Brazil saw a significant increase of 42% in the first two months of 2024 compared to the same period in 2023, reaching a total value of 20 million USD. The strong growth in January 2024 was the main driver behind this positive performance. However, there was a slight decrease in pangasius exports to Brazil in February 2024 due to the Lunar New Year holidays in both countries.

In February 2024, Brazil ranked fifth in the list of Vietnam's largest pangasius export markets, behind China & Hong Kong, the US, CPTPP, and the EU. Brazil is a major importer of frozen pangasius fillets from Vietnam. The growing middle class in Brazil presents a significant opportunity for Vietnamese businesses to export value-added pangasius products. The upcoming 30th anniversary of diplomatic relations between Vietnam and Brazil is expected to further boost cooperation in agricultural trade, including pangasius exports.

Hung Ca 2 Development Company continues to be the leading exporter of pangasius from Vietnam to Brazil in February 2024, accounting for 34% of the total export value to this market. Following Hung Ca 2, the top 5 exporters of pangasius to Brazil are GODACO_SEAFOOD with 9%, Fresh and Frozen Food Vietnam with 12%, HOANG LONG SEAFOOD with 14%, and NAVICO with 11%.

The International Trade Centre (ITC) reports that in 2023, export volume increased, indicating that the demand for pangasius consumption in Brazil is still high, even though the price of Vietnamese white meat fish exports —mostly pangasius— to this nation decreased. Over 41 million USD worth of white meat fish were imported by Brazil in January 2024 from around the globe, with 17 million USD coming from Vietnam (mostly tra fish). Brazil's main source of white fish imports is still Vietnam.

In February 2024, the FOB price of pangasius exports to Brazil was 2.67 USD/kg, which was 12% less than in the same month the previous year. Since 2022, this price level has been the lowest in the previous three years. On the other hand, a 23% increase in pangasius exports to this market has demonstrated the opposite trend.

Brazil is presently enforcing rules for contaminants and additives, as well as testing additive criteria for Vietnamese pangasius that are inconsistent with market expectations and international standards.

Recently, officials from Brazil's Ministry of Agriculture, Livestock and Food Supply (MAPA) and Vietnam's Ministry of Agriculture and Rural Development( MARD) convened for a working session. Along with changes to administrative procedures related to product labeling registration and faster recognition and processing of Vietnam's agricultural export enterprises list to Brazil, (MARD) proposed that Brazil review these regulations.