Image: Vasep / FIS

Vietnam Ranks as the Second Largest Supplier of Whitefish to the U.S., Following China

VIET NAM
Monday, February 05, 2024, 01:00 (GMT + 9)

According to data from Vietnam Customs, Vietnamese pangasius exports to the US in 2023 will reach 271 million USD, down 50% compared to 2022. The US is the second largest consumer market for Vietnamese pangasius after China. & Hong Kong.

Source: Vasep

In December 2023, for the first time, the US recorded positive growth in Vietnamese pangasius imports after 11 months of decline, with export turnover reaching nearly 20 million USD, up 20% over the same period in 2022. Previously, the value Pangasius exports to this market all decreased from 22% - 81% in the first 11 months of 2023. Although pangasius sales to the US in the last month of 2023 increased, the export value this month is still low. than in the middle months of the year. The value of pangasius exports to the US in December 2023 is only "slightly" higher than in January, February and July 2023.

Frozen cod fish fillets (HS 030471). Source: Tridge

According to data from the International Trade Center (ITC), in the first 10 months of 2023, the US imported more than 1.4 billion USD of white meat fish from the world, mainly frozen fillet products with HS code 0304. Vietnam accounted for 19% of the market share of white meat fish the US imports from the world, and is also the second source of white meat fish (mainly pangasius) of the US and only behind China (accounting for 45%).

Source. Walmart -->

In particular, frozen cod fish fillets (HS 030471) continue to lead in value in total US white meat fish imports with 413 million USD, accounting for 28% of the proportion, down 3% compared to the same period in 2022. Followed by frozen tilapia fillets accounting for 21% of the proportion, down 17% and frozen pangasius fillets accounting for 17% of the proportion, down 50% compared to the same period in 2022.

Trade flow to the US has increased sharply after the country fully opened after the Covid epidemic period. Rising demand caused massive imports in the first half of 2022, leading to excess supply, causing pangasius consumption of this superpower from the second half of 2022 and the whole of 2023 to slow down significantly. The huge amount of inventory waiting to be consumed was once the biggest reason why US importers were more cautious in importing in 2023, but is no longer the dominant issue. The export value of Vietnamese pangasius to the US is gradually getting better, narrowing the decline gap and growing slightly in the last month of 2023.

<-- Source. Walmart 

In the first weeks of 2024, the US economy shows many positive signs of recovery and growth. Inflation has decreased significantly, the unemployment rate is lower, income has caught up and exceeded inflation, and consumer spending will also be more comfortable than in the volatile year of 2023.

For pangasius exports to the US to recover in 2024, not only does it require cooperation from the state, ministries, branches, and careful calculation of businesses, but it also depends heavily on objective factors and the world situation. The prolonged Russia-Ukraine conflict, the fighting between Israel and Hamas, instability in the Middle East, Red Sea tensions,... Among them, the race for the White House in 2024 is likely to affect the general economy. face many uncertainties, even social unrest if the losing side does not accept the election results...

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

[email protected]
www.seafood.media

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