Vietnam has increased its pangasius exports to global markets during the first three quarters of 2024, with some of the largest growth seen in its shipments to the U.S.
The Southeast Asian nation shipped 670,000 metric tons (MT) of pangasius to global markets in the first nine months of 2024, representing a 15.5 percent increase year over year. The value of those exports in the period totaled USD 1.5 billion (EUR 1.4 billion), up 8 percent from the same period in 2023.
The U.S. imported 85,000 MT of Vietnamese pangasius in the period, which marked an increase of 38.6 percent year over year and making it the second-largest destination for the product after China, according to a report from Vietnamese securities firm Phu My Securities.
The value of pangasius exports to the U.S. rose 24 percent year over year to USD 256 million (USD 235.6 million), largely thanks to average export prices hitting USD 3.20 (EUR 2.90) per kilogram as of September, which was up 11.2 percent year over year.
That growth does not seem to be slowing, as exports to the U.S. grew 32 percent year over year by value to more than USD 30 million (EUR 27.6 million) in September alone.
One reason for the uptick is that current pangasius inventories in the U.S. are lower than in 2023 and 2022, prompting U.S. retailers to restock ahead of the year-end season. Additionally, the decrease in inflation that the U.S. has seen throughout 2024 has driven increased consumer demand in the market, Vietnam Association of Seafood Exporters and Producers (VASEP) said.
The Vietnamese trade group also explained that a recent decision from the U.S. Department of Commerce (DOC) is expected to …
