After a slow period, Pangasius exports have surprisingly started to increase again


After a slow period, Pangasius exports have surprisingly started to increase again

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Pangasius exports will grow positively in the first two months of 2024. Specifically, in January, Pangasius exports reached 165 million USD, near the end of February, it reached about 200 million USD, both months nearly doubled compared to the same period last year.

The main pangasius product exported in January 2024 is still frozen fillets, with a value of more than 131 million USD, an increase of 87% over the same period in 2023, accounting for 80% of the proportion. In particular, the main markets consuming a lot of pangasius all recorded positive growth such as the United States, China and Hong Kong, EU, CPTPP,...

>>> Reasons for this growth ❓❓❓

- Coming from small markets such as England, Canada, Mexico, and especially Brazil. Last year, exports to Brazil increased by nearly 80% in the last quarter, even growing by three digits in the last month.

- In addition, consumer demand in some of Vietnam's main pangasius importing countries is on the rise. For example, China - the market importing the most pangasius from Vietnam, since January has increased imports nearly 3 times compared to the same period in 2023. Or like the US market, after 11 months of 2023, there has been a continuous decline. Due to inventory waiting for consumption, from December 2023 until now, the amount of inventory has been expanded.

>>> Positive signs for Pangasius exports and potential markets for Vietnamese pangasius currently

The United States and China will be markets with prospects of recovery in 2024 as inventories decrease and demand continues to increase. Inflation "cools down", and spending ability in the United States is expected to improve compared to before. The pangasius market in China is expected to be more "exciting" thanks to the Chinese Government's policies to support the real estate market and stimulate consumption in the first half of 2024.