VASEP experts forecast that in the last 6 months of 2024, pangasius export volume will continue to increase due to high demand from major markets such as China and ASEAN.
Information from the Vietnam Association of Seafood Exporters and Producers (VASEP), May 2024, Pangasius export Vietnam's exports reached 80,000 tons, the highest since 2022 and marked the third consecutive month of growth, mainly due to high demand from China.
In May 2024, the export volume of pangasius products reached more than 83,000 tons, up 46% over the same period last year, up 8% over the previous month.
In which, export to China & Hong Kong (China) continued to increase by 20% compared to the same period last year. In addition, the export volume of pangasius to some other markets also recorded significant increases such as: ASEAN increased by 7%, Mexico increased by 15% and the UK increased by 33%. In particular, the US market decreased by 1% in the import volume of pangasius from Vietnam.
The Chinese market is recovering strongly, with high demand and stable prices. This could continue to boost Vietnam's pangasius exports in the last 6 months of this year.
Pangasius prices in Chinese retail stores are cheaper than domestically farmed freshwater fish, such as carp. After rising 3% in March, pangasius prices continued to fall in the following two months. The weak economy has made consumers more cautious about spending. The advantage of reasonable prices and good fillet quality is one of the factors that makes pangasius increasingly popular and gain a foothold in this market.
In May 2024, the export volume of pangasius to China & Hong Kong (China) reached more than 29 thousand tons, the highest level since February last year, and the highest growth rate since February 2024. Although the export volume increased, the average export price to this market still decreased by 18% compared to the same period last year, leading to negative growth in total export value.
Pangasius export volume to the US in May 2024 reached more than 13,000 tons, down slightly from the previous month, while the average export price increased by 1.7% to 2.95 USD.
After a gloomy 2023 with a continuous decline in export turnover, pangasius exports to the US have gradually become brighter. According to Vietnam Customs, in the first half of June 2024, pangasius exports to the US reached nearly 14 million USD, up 39% over the same period. As of June 15, 2024, cumulative pangasius exports to this market reached 146 million USD, up 18% over the same period in 2023.
In May 2024, the export volume of pangasius to the EU was assessed to be relatively stable, although it decreased slightly to more than 6,000 tons. However, in May 2024, the average export price to this market was equivalent to the level of March 2024 at 2.43 USD/kg, down 4.7% compared to the previous month.
Regarding the ASEAN market, in May 2024, the export volume in May 2024 reached nearly 9,000 tons, the highest import volume in this market since November last year. However, the average export price decreased by 7.5% to 1.74 USD/kg - the lowest level since the end of 2021 while farmers are facing higher input costs.
The volume of pangasius imported by Mexico in May 2024 continued to increase for the third consecutive time to more than 2 thousand tons, while the price remained unstable and decreased by 7.4% compared to the previous month to 2.13 USD/kg.
In May 2024, the UK imported nearly 2,000 tons of pangasius from Vietnam, a figure considered impressive in the past 5 years, while the export price still decreased by 7.3% to 2.43 USD.
Finally, the Brazilian market imported more than 2,000 tons of pangasius in May 2024, double the same period last year, while the price still decreased by 1.5% to 2.69 USD/kg.
Thus, the export volume of Vietnamese pangasius in May 2024 reached the highest level in the past 2 years. In particular, the Chinese market was the main driver for this growth, with the highest import volume since February last year. However, the export price of pangasius has not shown signs of recovery, tending to decrease in some markets, due to high input costs for pangasius production while the selling price remains low. This may affect the profits of pangasius exporting enterprises.
VASEP experts forecast that in the last 6 months of 2024, pangasius export volume will continue to increase due to high demand from major markets such as China and ASEAN. However, pangasius export prices will likely remain low due to competitive pressure and high input costs. Pangasius exporting enterprises need to focus on improving product quality, diversifying markets and finding solutions to reduce production costs.
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