Vietnam’s pangasius exports reach USD 1.5 billion in first nine months of 2024

In Q3 2024 alone, export turnover reached USD 544 million, a 14% growth year-on-year, indicating positive market trends for this key aquaculture sector.

Among the key product categories, processed pangasius saw remarkable growth, with a 42% increase in exports, despite its relatively small share of total sales. Whole frozen pangasius exports also performed well, increasing by 24%, while frozen fillets and pieces experienced a modest rise of 4%.

However, customs data reveals some market fluctuations in early September. Several major markets, including China and Hong Kong, saw a slight decrease in import volumes. Exports to China and Hong Kong dropped by 19%, with Hong Kong alone experiencing a 17% decline. Similarly, exports to Thailand fell by 23%. Despite these minor setbacks, cumulative exports by mid-September remained strong, largely due to solid results in the earlier months. As of September 15, 2024, pangasius exports to the U.S. reached USD 240 million, a 23% increase; Brazil imported USD 81 million worth of pangasius, up 26%; and Thailand recorded a 9% growth, reaching USD 43 million.

The CPTPP markets have been especially important for Vietnam’s pangasius industry, with Mexico standing out as the leading consumer in the trade bloc. In the first half of September 2024, Mexico imported USD 3 million worth of Vietnamese pangasius, a 25% year-on-year increase. Mexico’s cumulative imports from Vietnam as of September 15 totaled USD 55 million, marking a 19% increase compared to 2023. Canada followed with USD 2 million worth of pangasius imports in early September, up 49% from the same period last year. By mid-September, Canadian imports had reached USD 28 million, showing a 13% growth year-on-year.

Since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect in January 2019, it has played a crucial role in boosting trade between Vietnam and member countries in the Americas. Markets like Canada, Mexico, and Peru, which had no prior free trade agreements (FTAs) with Vietnam, have seen notable increases in trade volumes since the CPTPP’s implementation.

In early September 2024, raw pangasius prices continued to rise, reflecting a warming trend in the market. In Week 37, the price for raw pangasius stood at VND 26,400 per kilogram, slightly lower than the VND 28,900 per kilogram recorded in Week 33, but still higher compared to earlier months in 2024. The price for pangasius weighing 800-1000 grams was VND 27,100 per kilogram, while those weighing 1000-1200 grams were priced at VND 27,460 per kilogram. Notably, these larger sizes have become scarcer, pushing prices up. Fish weighing over 1200 grams fetched VND 27,565 per kilogram, maintaining the high levels seen in Weeks 30 and 31.

Looking ahead, Vietnam’s pangasius exports are expected to maintain a positive trajectory in Q3 2024 as global markets prepare for the year-end holiday season. High-value-added products are projected to continue their strong growth, particularly in China, where demand is surging. By carefully managing their supply chains, Vietnamese businesses can take full advantage of these opportunities to expand market share.

According to data from Vietnam Customs, pangasius exports in the first half of September 2024 totaled USD 77 million, a slight 1% increase year-on-year. By September 15, 2024, cumulative exports reached nearly USD 1.4 billion, reflecting a 9% growth compared to the same period in 2023.

VFM