Vietnam’s pangasius highly favored in Mexico, forecasted for further growth
As of July 15, 2024, Mexico has imported over USD 39 million worth of pangasius, maintaining its position as the third-largest market for this product.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius benefits from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Although imports declined in February, March, and April 2024, exports to Mexico rebounded in May and June, with June being the peak month at over USD 8 million, marking a 50% increase compared to June 2023.
VASEP, citing Vietnam Customs data, reported that in the first half of July 2024, pangasius exports to Mexico exceeded USD 4 million, a 90% rise from the same period in 2023. From the beginning of the year to mid-July 2024, exports reached USD 39 million, up 14% year-on-year. Mexico remains the top market within the CPTPP and the third-largest globally, after China and the USA, for Vietnamese pangasius.
Vietnam’s exports to Mexico are primarily frozen fillets and frozen cuts of pangasius. In Q2 2024, exports of frozen fillets and cuts (HS code 0304) to Mexico exceeded USD 18 million, a 19% increase, totaling over USD 31 million in the first half of the year, up 6% from the previous year.
However, Mexico imported minimal value-added pangasius products from Vietnam in Q2 2024. In the first half of this year, the market consumed nearly USD 300,000 worth of value-added pangasius, a 262% increase from the same period last year, accounting for 1% of total exports, mostly from Q1 imports.
“Despite the geographical distance, Vietnamese pangasius remains popular among Mexican consumers. The fish has similar firmness and taste to other whitefish species like cod, sole, haddock, and pollock,” VASEP noted.
Moreover, due to significantly lower production costs compared to other whitefish, Vietnamese pangasius has quickly become a highly competitive substitute, appealing not only to Asian tastes but also to consumers worldwide.
VASEP mentioned that despite continued growth, the average export price of Vietnamese pangasius to Mexico in the first half of this year remained below USD 2.5 per kilogram. However, this is not the lowest price in the past three years.
In the first half of 2024, I.D.I Corp was the leading exporter of pangasius to Mexico, accounting for 46% of the market share. VASEP predicts that in the second half of this year, pangasius exports will likely continue to grow as the country prepares for festivals and holidays.
VFM
