In Q1/2024, Vietnamese pangasius fish exports to the Brazilian market reached nearly USD 28 million, marking a 44% increase compared to the same period in 2023.
The export value of pangasius to Brazil in January 2024 reached USD 14 million, up 83% y-o-y. Brazil spent nearly USD 6 million buying pangasius in February 2024, down 6%, and over USD 8 million in March, up 48% y-o-y.
Brazil only imports Vietnam’s frozen pangasius fillet (HS0304), which was valued at nearly USD 28 million in Q1, a 44% increase compared to the same period in 2023, accounting for 99.6% of the total share. Notably, in the first three months of this year, Brazil additionally imported over USD 110,000 worth of frozen pangasius products from Vietnam, while these products were hardly consumed during the same period last year.
The average export price of Vietnamese pangasius to Brazil in February 2024 was the lowest in three years, since 2022, at 2.67 USD/kg. In the first three months of this year, the average export price of pangasius decreased by 12-14% compared to the same period last year.
Despite the continuous drop in prices, the export volume of pangasius to this market reached nearly 7,000 tons in Q1, a 79% increase y-o-y.
In the first quarter of this year, the highest growth rate was recorded in January with over 3,000 tons, a 183% increase y-o-y. In February and March 2024, the export volume of pangasius to Brazil reached over 1,800 tons, up 23%, and 1,700 tons, up 46% compared to the same period in 2023, respectively.
The top 5 companies exporting the most Vietnamese pangasius to Brazil in the first quarter of this year are: Hung Ca 2 with a 26% share, Southern Fisheries with 16%, Hoang Long with 11%, Can Tho Fisheries with 10%, and Frozen Food Vietnam with a 9% share.
VFM
