Pangasius exports to the U.S. expected to accelerate in H2
In July 2024, Vietnam's pangasius exports to the U.S. experienced significant growth, with nearly $31 million in revenue—a 69% increase compared to the same period last year. Cumulatively, the first seven months of 2024 saw exports surpass $190 million, up 20% year-over-year.
Value-added pangasius products have also shown strong growth in the U.S. market. July 2024 marked the first month this year where these products achieved over $1 million in export value, a 42,000-fold increase from July 2023, representing 33% of Vietnam’s total value-added pangasius exports for the month. In June 2024, these exports to the U.S. exceeded $800,000, a sevenfold increase from the same period last year.
By the end of July 2024, value-added pangasius exports to the U.S. reached over $3 million, a 14-fold increase compared to the same period last year, accounting for 14% of Vietnam’s total value-added pangasius exports in the first seven months of 2024.
The export of dried pangasius and other frozen products to the U.S. has been inconsistent in the first seven months of 2024, with fluctuating growth and declines. However, in July 2024, exports of these products doubled to $490,000. Notably, frozen pangasius fillets have remained the primary export product to the U.S., generating $29 million in July 2024, a 61% increase from the same period last year. By the end of July 2024, the total value of frozen pangasius fillet exports to the U.S. was $185 million, up 19% year-over-year.
According to ITC data, Vietnam was the second-largest supplier of white fish (mainly pangasius) to the U.S. in the first half of this year, with $184 million in exports, a 472% increase compared to the same period last year. This accounted for 21% of the U.S.’s total white fish imports from global suppliers. May 2024 saw the highest monthly imports of white fish from Vietnam, totaling $43 million, a 22% increase from May 2023. In June 2024, the U.S. imported nearly $42 million, also a 22% increase year-over-year. China remains the largest supplier of white fish to the U.S., holding a 41% market share with $357 million in exports.
The recovery trend in pangasius exports to the U.S. since the beginning of 2024 is largely due to a significant reduction in inventory in 2023. Additionally, preparations for year-end holidays have boosted consumer demand. In the remaining months of this year, pangasius exports to the U.S. are expected to continue rising. However, exporters still face challenges from the ongoing Russia-Ukraine conflict and escalating tensions in the Red Sea.
VFM
