Pangasius exports to Brazil bounce back
Brazil is one of the top four importers of Vietnamese pangasius in the first eight months of the year. With over USD 64 million worth, Brazil accounted for 3.6% of the density of Vietnam’s pangasius export value, trailing China, the US, and Mexico.
After a consecutive slump since earlier this year, with the lowest value being recorded in May, nearly USD 3.5 million, pangasius exporters to Brazil are swimming against the current to achieve as much as USD 8.7 million in August, the highest level over the last seven months. Sales of pangasius to this market increased by 179% and 31% in August and July respectively as compared to the same periods last year.
By August 2022, the total export value of Vietnamese pangasius in Brazil rose by 55% from the same period last year because the average selling price was higher.
According to the International Trade Center (ITC), the average price of Vietnamese pangasius increased by 43% in Brazil over the last seven months as compared to the same period last year. Thus, even though the export volume reduced by 5%, the value rose by 36%. The average selling price of Vietnamese pangasius in Brazil has constantly increased since earlier this year with the highest number being recorded in July, 3.4 USD/kg.
Brazil imported 164 thousand tons of seafood, valued at USD 791 million, down 17% in volume but up 19% in value in the first seven months of the year. Imports of white meat fish such as cod, pangasius and tilapia accounted for 23% in volume and 21% in value.
Imports of Vietnamese pangasius accounted for 46% in volume and 33% in value of the total white meat fish going to Brazil. Due to the tension between Russia and Ukraine, the amount of cod imported into Brazil became increasingly scarce. The selling price of Vietnamese pangasius rose more slightly than cod in Brazil. The Brazilian are in favor of Chilean salmon, Vietnamese pangasius, and Pacific cod. Pangasius is affordable and tasteful to Brazilian consumers amidst the escalating inflation.