U.S. imports of pangasius, otherwise known as swai, basa or catfish, are growing while buyers report steady demand and a price drop in recent months.
While overall Vietnamese pangasius exports dropped 9 percent to USD 750 million (EUR 671.7 million) in the first six months of 2015, exports to the United States soared, according to new data from the Vietnam Association of Seafood Entrepreneurs (VASEP). The United States imported USD 159 million (EUR 142.4 million) worth of pangasius in the first half of this year, a 4.8 percent increase over the first half of 2014.
The U.S. share of the pangasius export market is a significant 21.2 percent. The European Union also imported USD 142.5 million (EUR 127.6 million) worth of the fish, representing 19 percent of the market but a decline of 17.6 percent year-over-year.
However, China and Hong Kong had the most significant increase in demand for pangasius. The two countries’ imports spiked 50.7 percent to reach USD 70.2 million (EUR 62.9 million).
In the U.S., retailers are presenting pangasius as typically the least expensive whitefish option in the case for price-sensitive shoppers. And restaurants are using it in place of tilapia, cod and other whitefish.
“Some of the restaurants are using it as a whitefish, and they go through quite a bit,” a Southeast U.S. wholesaler told SeafoodSource. Even some high-end restaurants are purchasing pangasius versus paying a higher price for cod, the wholesaler said. “Restaurants use it for ‘fish and chips’ instead of cod.”
Buyers report steady to lower prices on pangasius, which is going for USD 1.60 (EUR 1.43) to USD 1.75 (EUR 1.57) a pound wholesale, ex-warehouse, for boneless and skinless fillets. Retail prices are as low as USD 3.99 (EUR 3.57), but they often dip below that or go higher. For example, Walmart features frozen boneless, skinless swai filets for USD 11.98 (EUR 10.73) for 3.5 pounds.
“Compared to tilapia, the price is steady, but it has dropped by about five to 10 percent in the past few months,” said a Southeast U.S. importer. The importer did not know the reason for the price drop, but said it did not spur more buying by retailers and restaurants. “We see a real good demand when prices are steady. When the prices start slipping, we don’t see that correlation [in demand].”
Tilapia price has been erratic over the last year or more, but it has softened in recent months. In fact, AquaChile reported a massive USD 35.91 million (EUR 32.16 million) net loss in its second quarter, which it attributed to a combination of lower average prices for tilapia, trout, Pacific salmon and Atlantic salmon.
Still, tilapia is a pricier option than pangasius at USD 3.85 (EUR 3.45) to USD 4.05 (EUR 3.63) per pound on average for 5-7 ounce, fresh, boneless, skinless fillets.
