After falling continuously from the beginning of the year to the lowest level in 2022 of nearly $3.5 million in May, pangasius exports to the Brazilian market are gradually recovering. Vietnam pangasius exports to this market in August reached $8.7 million, the highest level in the past 7 months. Compared to the same period in 2021, pangasius exports to this market in August 2022 increased by 179% and increased by 31% compared to July 2022.
By the end of August 2022, the total value of Vietnamese pangasius exports to Brazil increased by 55% over the same period last year. The increase in exports was mainly because of the higher price.
According to statistics of the World Trade Center (ITC), the average price of Vietnamese pangasius exported to Brazil in the first 7 months of this year increased by 43% over the same period last year. Therefore, while the volume of pangasius exports to Brazil in this period decreased by 5%, the value still increased by 36%. The average price of Vietnamese pangasius imports into this market increased continuously from the beginning of the year and reached the highest level of 3.4 USD/kg in July 2022.
In the first 7 months of this year, Brazil imported 164,000 tons of seafood, worth 791 million USD, down 17% in volume but up 19% in value. In which, imports of white fish species such as cod, pangasius, tilapia, etc accounted for 23% in volume and 21% in value of seafood imports.
Pangasius imports from Vietnam account for 46% of the volume and 33% of the value of white fish imported to Brazil. Due to the Russia-Ukraine war, the amount of cod entering the Brazilian market became scarcer. Compared with cod, the price of Vietnamese pangasius imported into Brazil was still more affordable.
Despite being a country with a long coastline and abundant water resources, with a rich and diverse aquatic biodiversity, 60% of the seafood that Brazilians consume is imported from other countries in South America, Asia and Europe, because of a number of factors such as culture, traffic difficulties. Some fish species favored by Brazilians include Chilean salmon, Vietnamese pangasius and North Atlantic cod.
Brazil is also affected by the Russia-Ukraine conflict and high inflation. In that context, according to retailers in this market, pangasius has the advantage because it is affordable and fits the taste of Brazilian consumers.
The Brazilian market has completely opened, there is almost no concern about Covid, the Brazilian economy is showing optimistic signals after growing 2.6% in Q2/2022. The bilabal relationship between Vietnam and Brazil is developing more and more actively. Those are good signs for Vietnamese agricultural products, including pangasius, to increase their market share to this market in the near future.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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