Pangasius exports over the first 9 months Lower inventories in the US market boosts consumption

Pangasius exports to China in September fell by 16% y-o-y, reaching USD 48 million, after 5 consecutive months of positive growth. Cumulative pangasius export to China over the first nine months have generated USD 418 million, marking an increase of 4% compared to the same period in 2023. 

Pangasius exports to the US market still recorded positive resultus in the last month of third quater, with a value of more than USD 30 million, marking an increase of 32% over the same period last year. In the first 9 months of this year, pangasius exports to this market reached USD 256 million, up 24% y-o-y. The US remains the second largest buyer of Vietnam’s pangasius market, following China. According to data from World Trade Center (ITC), Vietnam still lead among pangasius suppliers for the US market over the first 9 months of this year. 

Panasius inventory in the US is currently lower than the same period last year, which will push retailers to replenish their warehouse for the year-end holiday season. In addition, the lower inflation level in the US also allows for a higher demand. 

In September, Thailand became the third largest buyer of Vietnam’s pangasius with export turn over reaching USD 5.8 million, down 21% y-o-y. Cumulatively, exports for the first nine months of the year to this market reached USD 46 million, marking a rise of 6% over the same period last year. 

Pangasius exports to the EU markets faced a slight decline of 1% over the first 9 months, with turn over reaching USD 128 million. In September 2024, pangasius to the EU generated USD 14 million, down 2% compared to the period in 2023. The Netherlands continued to lead among EU markets for Vietnam’s pangasius, with turn over reaching USD 36 million, up 2% y-o-y. 

Vietnam’s frozen pangasius fillets have remained the key export items with a value of USD 1.2 billion over the first 9 months of this year, an increase of 5% compared to same period last year.  In the same time, processed pangasius exports continued to grow by 45%, reaching a value of USD 32 million. Meanwhile, exports of dried pangasius and other frozen products (whole, portions,…) generated USD 273 million, marking a rise of 23% over the same period last year. 

Vietnam’s panagsius exports during the first 9 months reflected quite positive results thanks to strong market demand. Exports of this products on track to meet goal as markets prepare for consumer demand during the year-end festival. Pushing trade promotion for other pangasius products as value-added items will be crucial for businesses to capitalize on potential market opportunities, especially in China. 

VFM