Image: Brenda Kookt / Vasep / FIS

Vietnamese Pangasius Export Volume Reaches Highest Level in Two Years in May 2024

VIET NAM
Thursday, July 04, 2024, 07:00 (GMT + 9)

In May 2024, Vietnam's pangasius exports reached 80,000 tons, this is the highest export level since 2022 and marks 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 thousand tons, up 46% over the same period last year, up 8% over the previous month. In particular, exports to China & Hong Kong continued to increase by 20% over the same period last year. In addition, the volume of pangasius exports to a number of other markets also recorded a significant increase such as: ASEAN increased by 7%, Mexico increased by 15% and the United Kingdom increased by 33%. The US market alone decreased by 1% in the volume of pangasius imports from Vietnam.

Source: Brenda Kookt

The Chinese market is recovering strongly, with high demand and stable prices. This can continue to promote Vietnam's pangasius exports in the last 6 months of this year. Pangasius prices at Chinese retail stores are cheaper than domestically farmed freshwater fish, such as carp. After increasing 3% in March, pangasius prices continued to decrease in the following 2 months. The weakening economy causes consumers to tighten their spending. The advantage of reasonable price and good quality fillets is one of the factors that make pangasius increasingly popular and gain a foothold in this market.

Source: Stockfile FIS -->

In May 2024, the volume of pangasius exports to China & HK reached more than 29 thousand tons, this is the highest level since February last year, and also the highest growth rate since February 2024. Although export volume increased, the average export price to this market still decreased by 18% over the same period last year, leading to negative growth in total export value.

The volume of pangasius exports to the US in May 2024 reached more than 13 thousand tons, down slightly compared to the previous month, while the average export price increased by 1.7% to 2.95 USD. After a gloomy 2023 with continuously declining export turnover, pangasius exports to the US have gradually become brighter. According to data from 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, an increase of 18% over the same period in 2023.

<-- Source: Meat and Eat

In May 2024, the volume of pangasius exports to the EU is considered to be relatively stable, although slightly reduced to more than 6,000 tons. However, in May 2024, the average export price to this market is 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, this is the highest level imported by 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 having to bear more investment costs.

The volume of Mexican pangasius imports in May 2024 continued to increase for the third time in a row 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, this number is considered impressive in the past 5 years, while the export price still decreased by 7.3% to 2.43 USD.

Finally, the Brazilian market in May 2024 imported more than 2,000 tons of pangasius, double the same period last year, while the price still decreased by 1.5% to 2.69 USD/kg.

Source: Brenda Kookt

Thus, Vietnam's pangasius export volume in May 2024 reached the highest level in the past 2 years. In particular, the Chinese market is the main driver for this growth, with the highest import volume since February last year. However, pangasius export prices have not shown signs of recovery, tending to decrease in some markets, due to high input costs for pangasius production while selling prices are still low. This may affect the profits of pangasius export enterprises.

It is forecast that in the last 6 months of 2024, pangasius export volume will continue to increase due to high demand from main markets such as China and ASEAN. However, pangasius export prices may still remain low, due to competitive pressure and high input costs. Pangasius export enterprises need to focus on improving product quality, diversifying markets and finding solutions to reduce production costs.

Author: Thu Hang | Vasep (Translated from the original in Vietnamese)

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www.seafood.media

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