U.S. imports of value-added pangasius reach a decade-high in 2024
The U.S. remains one of the largest importers of Vietnamese pangasius, predominantly frozen fillet products. However, in recent years, the country has significantly increased its imports of value-added pangasius items.
Data from Vietnam Customs reveals that in November 2024, exports of value-added pangasius to the U.S. exceeded USD 2 million, an astonishing increase of 4,270% (or 42 times) compared to November 2023. Over the first 11 months of 2024, these exports totaled over USD 12 million, reflecting a 2,182% rise (or 21 times higher) year-on-year.
This achievement marks the highest export value for value-added pangasius in the past 10 years, surpassing the previous record set in 2022. That year saw a surge in exports as the U.S. reopened post-COVID-19, leading to a large influx of Vietnamese pangasius imports during the first half of the year. However, this rapid increase in supply outpaced demand, resulting in excess inventory throughout 2023. Amid economic challenges, weakened consumer demand, and tightened spending, these stockpiles moved slowly, leading to a sharp decline in pangasius export turnover in 2023. It was considered the most difficult year for Vietnam’s pangasius export industry in the last decade.
In 2024, the U.S. primarily imported value-added pangasius products under HS code 16041990, which includes breaded pangasius fingers (25g size), fried breaded pangasius, breaded pangasius nuggets, and other frozen breaded fillets. These products accounted for 99.9% of value-added pangasius exports to the U.S. during the first 11 months of 2024, reaching $12.4 million in value.
Five Vietnamese companies contributed to these exports under HS code 16041990, with Van Duc Tien Giang leading at 74% of the export share. They were followed by Bien Dong Seafood (13%), NTFS Seafood (12%), Vinh Hoan (2%), and SKYEX (0.0002%).
Other value-added pangasius products exported to the U.S. included:
- HS code 16042099: Frozen pangasius skewers, crispy fried pangasius skin snacks, etc.
- HS code 16042030: Boiled frozen pangasius balls, frozen fish cakes, etc.
- HS code 16042091: Breaded and fried frozen pangasius pieces, among others.
Beyond frozen fillets, value-added pangasius represents a key segment that requires robust marketing and bold expansion into global markets. This approach will strengthen the branding of Vietnamese pangasius internationally. Looking ahead, 2025 is poised to build on 2024’s success, driving further growth in value-added pangasius exports.
VFM
