Price of Vietnam frozen pangasius export to the US increase by 56%

In August, pangasius exports to the US reached 33 million USD, up 45% over the same period. This result however does not reflect a positive trend because August 2021 is the time when pangasius exports plummeted due to the impact of the Covid pandemic. Pangasius sales to the US in August were slightly higher than in July 2022.

In the first 8 months of 2022, frozen pangasius fillets accounted for 87% of pangasius export value to the US. Vietnam exported about 94 thousand tons of frozen pangasius fillets to the US during this period. The average price of frozen pangasius fillets exported to the US in August 2022 remained high at 5 USD/kg. However, after reaching a high level from March to May with a volume of about 13.5-16 thousand tons/month, pangasius exports to this market began to slow down from June, falling to the lowest level in July and slightly recovered in August.

According to statistics of the US Department of Agriculture, in the first 7 months of this year, the US imported a total of 95.4 thousand tons of frozen pangasius, worth nearly US$ 403 million, up 35% in volume and 106% in value compared to the previous year.

 Vietnam pangasius exports are expected to increase in the next coming months to serve the Chirstmas and New Year

In which, Vietnam's frozen pangasius exports to the US reached 88.2 thousand tons, worth 371 million USD, up 34% and 109% respectively over the same period last year. Vietnam accounts for over 92% of frozen pangasius imports to the US, both in volume and value.

The US also imports pangasius and catfish from China, Taiwan, Thailand and Brazil. In which, China accounts for about 5%, the remaining countries account for about 3%.

The average price of frozen pangasius imports into the US in the first 7 months of this year reached US$4.22/kg, up 53% over the same period last year. Particularly, the import price of frozen pangasius from Vietnam increased by 56% to 4.21 USD/kg.

Frozen pangasius fillets (HS code 030462) accounted for 96% of frozen pangasius imports into the US with over 91 thousand tons, worth 385 million USD. In which, imports from Vietnam reached 86.6 thousand tons, equivalent to 364 million USD.

In addition, the volume of whole/cut pangasius and catfish (HS code 030324) imported into the US accounted for only 1.3 thousand tons, equivalent to $5.8 million in value.

The increase in inventories, congestion at ports cause importers to start to reduce imports. Vietnam's frozen pangasius fillets exported to the US in August reached about 6.7 thousand tons, higher than July but much lower than in the first months of the year.

US pangasius imports will gradually increase in the coming months, when food price inflation in general and seafood in particular makes the US market more wobbly. Besides, the US will increase imports to meet the demands in Christmas and New Year.

Compiled by Thuy Linh