By September 2023, pangasius exports to the US will total 207 million USD.
By the end of September 2023, the total value of pangasius exports to the US market reached 207 million USD, showing a significant decline of 54% compared to the same period in 2022.
After China and Hong Kong, the US is the second-biggest Vietnamese pangasius consumer market. Compared to the same period in the previous year, the third quarter of 2023 saw a decrease in pangasius export turnover to this market; however, this decline and the difference have narrowed from the previous two quarters.
High inventory levels are one of the reasons this powerhouse has been importing less Vietnamese pangasius since the end of 2022, in addition to changes in food prices, inflation, and war.
It is true that the high demand for seafood during the year-end holidays presents a promising opportunity for seafood exports in general, and pangasius exports, in particular. As the inventory levels gradually decrease, the industry is in a better position to accommodate the high demand and increase their exports.
In addition, the market is showing signs of improvement in the fourth quarter, which is a positive sign for the industry going forward. The forecasted 1.7 billion USD in pangasius exports in 2023 is an encouraging figure, but it is important to note that this is contingent on several factors such as raw material sources, market conditions, and competition.
Nonetheless, the pangasius industry in Vietnam is taking proactive measures to improve their exports, such as investing in sustainability, exploring new markets, and enhancing the value chain.
With the right strategies in place, the industry can capitalize on the opportunities presented by the year-end holiday season and look forward to a prosperous future.