Pangasius Exports to US Market Increased, to China Decreased in First 2 Months

9:38:04 AM | 4/9/2024

 According to data from Vietnam Customs, in February 2024, pangasius export turnover reached more than 90 million USD, down 42% compared to the same period last year.

In February 2024, pangasius exports witnessed negative growth in most markets and most product segments. Despite a double-digit decline, cumulative pangasius exports to markets by the end of February 2024 still increased by 6% over the same period and reached 255 million USD. This increase was mainly due to a record increase in export value in January 2024, when many markets increased imports to stock up for the Lunar New Year holiday.

Regarding the consumption market, China and Hong Kong were still the leading pangasius importers of Vietnam, with 23 million USD consumed in February 2024, down 65% compared to February 2023. In the first two months of this year, the value of pangasius exports to this market reached 75 million USD, down 4% compared to the same period in 2023. In February 2024, Truong Giang Seafood Joint Stock Company was Vietnam's largest exporter of exports to this market.

In February 2024, the US imported 16 million USD of pangasius from Vietnam, down 8% compared to February 2023. Cumulative pangasius exports to this market in the first 2 months of this year reached 34 million USD, up 25% over the same period last year, mainly thanks to the turnover of the previous month nearly doubling. Recently, the US Department of Commerce announced the final results of the 19th administrative review (POR 19) for Vietnamese frozen pangasius fillets exported to the US market in the period August 1, 2021–31, 2022. Accordingly, the general anti-dumping tax rate that DOC imposes on Vietnamese pangasius export enterprises in this review is 2.39 USD/kg. According to the final results of the POR19 review, Vinh Hoan Joint Stock Company is entitled to a tax rate of 0.00 USD/kg. The other 5 enterprises are: CASEAMEX, LOC KIM CHI SEAFOOD JSC, I.D.I INTERNATIONAL DEVELOPMENT AND INVESTMENT CORPORATION, HUNG VUONG PANGA and CAFATEX are subject to an anti-dumping tax of 0.18 USD/kg.

Pangasius export turnover to the CPTPP market in the first 2 months of this year surpassed the US and became the second largest market in Vietnamese pangasius consumption with 37 million USD, an increase of 19% over the same period last year. In February 2024 alone, this market block consumed nearly 13 million USD of pangasius, down 28% compared to February 2023. Canada stands out with a positive growth rate of 23%, while most other countries have reduced imports.

Difficulties and challenges remain, but positive information from the US market is also a good sign for Vietnamese pangasius exports soon.

Source: VASEP