MEKSEA.COM –  According to data from Vietnam Customs, exports of value-added pangasius (GTGT) in the first eight months of 2024 have shown positive growth, consistently increasing in several major markets such as the U.S., CPTPP, the Netherlands, and others.

In August 2024, Vietnam’s pangasius exports to various markets reached nearly USD 191 million, up 12% compared to August 2023. The accumulated pangasius exports for the first eight months of this year amounted to nearly USD 1.3 billion, an increase of 9% over the same period last year. Among these, value-added pangasius products accounted for nearly USD 6 million in August 2024, up 75%, and reached USD 27 million in the first eight months of this year, an increase of 38% compared to the same period in 2023.

As of the end of August 2024, exports of value-added pangasius to the CPTPP market bloc reached over USD 8 million, a 31% increase compared to the same period last year. June 2024 recorded the highest value with more than USD 1.3 million, a 35% increase compared to June 2023. In the first eight months of this year, Australia was the largest consumer of this product, accounting for 39% of the total value-added pangasius imported from Vietnam by the CPTPP bloc, with more than USD 3 million, up 21% compared to the same period in 2023.

Since the beginning of 2024, the U.S. has continuously increased its imports of value-added pangasius products from Vietnam. August 2024 marked the highest value of Vietnam’s value-added pangasius exports to the U.S. since the beginning of the year, reaching nearly USD 3 million, up 15 times compared to August 2023. Previously, several months also saw record pangasius export growth to the U.S., with April 2024 up nearly 67,000 times and July up nearly 42,000 times. By the end of August 2024, exports of this product to the U.S. reached nearly USD 6 million, 14 times higher than the same period last year.

After the U.S., Thailand was the third-largest importer of Vietnam’s value-added pangasius. In August 2024, value-added pangasius exports to this market reached nearly USD 600,000, up 17% compared to August 2023. Over the first eight months, total exports of this product to the Land of Smiles reached more than USD 4 million, a 1% increase compared to the same period last year. Although the growth was slight, May 2024 saw the value of Thailand’s imports of Vietnam’s value-added pangasius drop to zero, as the country almost completely halted imports during this month.

Although exports of value-added pangasius to the U.K. decreased by 1% in the first eight months of this year, the country still maintained its position as the fourth-largest consumer of this product from Vietnam, with nearly USD 4 million in total. August 2024 recorded the highest value of Vietnam’s value-added pangasius exports to the U.K. since the beginning of the year, although it still represented a 21% drop compared to August 2023, with a total value exceeding USD 726,000.

As of the end of August 2024, exports of value-added pangasius to the EU reached more than USD 2.3 million, a 5% decrease compared to the same period. The Netherlands was the largest consumer of this product in the bloc, accounting for 86% of the total value, with exports reaching more than USD 2 million, a 29% increase compared to the same period last year.

China and Hong Kong remain the largest customers for Vietnam’s pangasius, primarily frozen pangasius fillets. In the first eight months of this year, value-added pangasius products have also gradually become more popular in this billion-people market. According to Vietnam Customs, in August 2024, value-added pangasius exports to China increased threefold compared to the same period last year, reaching the highest value since the beginning of the year, with over USD 200,000. As of the end of August 2024, exports of value-added pangasius to this market reached USD 791,000, up 50% compared to the same period in 2023. Although the value remains modest compared to other importing countries, China’s strong growth and high demand present a promising destination for Vietnam’s value-added pangasius products.

Some of the most popular value-added pangasius products include breaded fried pangasius/frozen breaded pangasius fillets under HS code 16041990, crispy fried pangasius skin snacks/fried basa fishcakes under HS code 16042099, breaded/fried pangasius pieces under HS code 16042091, and frozen vegetable basa fishcakes under HS code 16042030, among others.

In addition to frozen pangasius fillets, Vietnam’s value-added pangasius products are increasingly proving their position in the global market. Recent market fluctuations have shown that developing value-added products is a crucial business strategy for Vietnamese seafood companies. With promising export potential for value-added pangasius, businesses must proactively adapt to capture opportunities and meet the growing demand in international markets.

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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