Vietnam pangasius exports grew positively in January 2024

In January 2024, Vietnam's pangasius exports reached 165 million USD, nearly doubling over the same period last year. In particular, the main markets consuming the most pangasius all recorded positive growth, such as the US, China, Hong Kong, EU, CPTPP...

The main pangasius product exported in January 2024 is still frozen fillets, with a value of more than 131 million USD, an increase of 87% over the same period in 2023, accounting for 80% of the proportion.

Regarding the consumption market, in the first month of 2024, China and Hong Kong continue to be the largest import markets for pangasius from Vietnam. Pangasius export turnover to this market in January 2024 reached 52 million USD, an increase of nearly 4 times compared to January 2023 and an increase of 65% compared to January 2022. The value of pangasius exports to China and Hong Kong in the first month of 2024 accounts for 32% of the total pangasius exports to markets. Notably, in the first month of this year, exports of frozen or dried pangasius products (HS code 03) (except fish HS code 0304) to China increased 6.5 times compared to the same period last year. This value is even higher than the export value of frozen pangasius fillets under HS code 0304 (except fish cakes and surimi products), which will be the main product on this market in January 2023.

In January 2024, the US bought 18 million USD of Vietnamese pangasius, an increase of 83% over the same period last year. In the first month of this year, the US increased imports of most Vietnamese pangasius products. Although the export value of processed pangasius products to the US is still modest, the export turnover of this product recorded an increase of 18 times compared to the same period last year to 295 thousand USD. This market consumed more than 17 million USD of frozen pangasius fillets in January 2024, an increase of 81% compared to January 2023.

The EU market bought nearly 13 million USD of pangasius from Vietnam, up 20% over the same period last year. In particular, the Netherlands is still the leading country in Vietnamese pangasius consumption, with nearly 4 million USD, an increase of 16% over the same period. In addition, some markets in the bloc also recorded positive growth in Vietnamese pangasius imports, including Hungary, which increased 4 times, Spain, France, and Slovenia, which increased about 2.5 times...

Pangasius export turnover in the first month of 2024 is considered quite positive after a continuous decline in 2023. The US and China will be markets with prospects of recovery in 2024 due to reduced inventory, and demand will continue to increase. Inflation "cools down," and spending ability in the US is expected to improve compared to before. The pangasius market in China is expected to be more "exciting" thanks to the Chinese government's policies to support the real estate market and stimulate consumption in the first half of 2024.

However, world fluctuations will continue to affect Vietnam's pangasius exports. Typically, tensions in the Red Sea are causing many difficulties in the process of transporting export goods in general and seafood products in particular when shipping costs increase. Rising selling prices for consumers will greatly affect their purchasing decisions.