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China and CPTPP Sustain Growth in Vietnamese Pangasius Imports

Click on the flag for more information about Viet Nam VIET NAM
Thursday, June 20, 2024, 07:00 (GMT + 9)

According to data from Vietnam Customs, in May 2024, Vietnam's pangasius export turnover reached 167 million USD, an increase of 5% compared to May 2023. Cumulative pangasius exports in the first 5 months of this year reached 747 million USD, up 2% over the same period last year.

Source: Stockfile FIS

Frozen pangasius fillets are still the main product for Vietnam's pangasius exports. In May 2024, exports of this product to markets reached 134 million USD, up 2% over the same period last year. By the end of May, Vietnam exported nearly 603 million USD of frozen pangasius fillets to markets, down slightly by 0.1% over the same period last year.

Source: Stockfile FIS-->

Regarding consumption markets, China & HK are still the markets consuming the most Vietnamese pangasius. Cumulative pangasius exports to this market in the first 5 months of this year reached nearly 203 million USD, down 13% over the same period. In particular, in May 2024 alone, pangasius export turnover to China reached nearly 48 million USD, an increase of 1%; Exports to Hong Kong reached more than 2.3 million USD, down 16% compared to the same period in 2023. May 2024 was recorded as the month with the second highest value of Vietnamese pangasius exports to China & HK since the beginning of the year. today with a value of nearly 50 million USD, a slight increase of 0.4% over the same period, up 21% over the previous month.

Pangasius exports to the US witnessed negative growth in May 2024. Pangasius exports to the US in May 2024 reached 30 million USD, down 7% over the same period last year. Cumulative pangasius exports in the first 5 months of this year to the US reached more than 132 million USD, up 12% over the same period in 2023.

<-- Source: Stockfile FIS

Pangasius exports to the CPTPP market continue to maintain growth momentum in May 2024 with a value of nearly 13 million USD, an increase of 17% over the same period. Among them, a few markets recorded an increase in pangasius imports including Mexico, Japan, Canada, Singapore, etc. By the end of May 2024, pangasius exports to CPTPP reached 103 million USD, an increase of 9% over the same period.

Similar to the US market, pangasius export turnover to the EU market witnessed a decrease of 16% in May 2024 with a value of 14 million USD. Cumulative exports in the first 5 months of the year to this market reached 70 million USD, down 9% over the same period last year. Although turnover decreased, many markets in the EU recorded an increase in imports of Vietnamese pangasius in May 2024, while in May 2023 there was almost no import, including: Bulgaria (59 thousand USD), Hungary (40 thousand USD), Czech Republic (53 thousand USD).

The US and EU's continued tightening of seafood imports from Russia continues to open up great opportunities for Vietnamese pangasius. Meanwhile, demand for pangasius in China is expected to improve as policies to support the country's economy "permeate".

Vietnam's pangasius export prospects will remain positive in the second half of this year, especially in main markets such as the US, China,...According to the global economic outlook report for April 2024, the The International Monetary Fund (IMF) raised this year's growth forecast for the US to 2.7% and the EU to 0.8%.

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

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