Pangasius exports to the US hit peak
According to data from Vietnam Customs, the export value of pangasius to the US soared to $95 million in H2, marking a 15% y-o-y increase. The total pangasius exports to the US approached $160 million in H1, up 14% from the previous year.
April emerged as the peak month for pangasius exports this year, with nearly $38 million worth of exports, a notable 34% increase from the previous year.
In June 2024, the US imported over $26 million in frozen pangasius fillets from Vietnam, representing a 20% rise compared to June 2023. During the first half of this year, this market consumed more than $156 million worth of pangasius products, up 13% from the same period last year, and accounting for 98% of the total exports. Popular Vietnamese pangasius products in the US include frozen fillets, frozen cut pieces, frozen breaded fillets, dried pangasius, and fried pangasius skin.
Notably, the export of high-value pangasius to the US also saw remarkable growth, reaching nearly $2 million in H1, an eightfold increase compared to the same period in 2023, and representing 1% of the total export volume. April 2024 witnessed the strongest growth compared to the previous year, nearly 70,000 times; June 2024 was the highest month for high-value pangasius exports to the US this year, showing a sevenfold increase compared to June 2023.
The US is the second-largest market for pangasius after China & Hong Kong. Following the growth trend in the first quarter of 2024, orders surged significantly in the second quarter of 2024. Additionally, decreasing stock levels in the US market throughout 2023 and recovering average export prices indicate a positive trend.
The average export price of Vietnamese pangasius to the US has been steadily rising each month. In June 2024, the average export price reached $2.99/kg, the highest since the start of 2024.
Increased consumer demand in the US for white fish products, particularly pangasius from Vietnam, has been a bright spot. After a continuous decline in 2023, pangasius exports to the US in the first half of this year have shown encouraging signs. Furthermore, the reduction in white fish supplies to the US, coupled with shortages of other white fish products like tilapia, bodes well for Vietnamese pangasius exports.
The US considering recognizing Vietnam as a market economy brings a hopeful outlook for various Vietnamese industries, including pangasius exports. This could provide an advantage for Vietnamese companies in future anti-dumping duty reviews.
The top five companies exporting the most pangasius to the US in the first half of this year are Vinh Hoan, Bien Dong Seafood, Van Duc Tien Giang, Can Tho Seafood, and Nam Viet.
VFM
