In recent years, Vietnam's pangasius products have gained immense popularity in global markets, and Malaysia has emerged as a key destination for these products. As a member of the Association of Southeast Asian Nations (ASEAN) and one of the world's largest free trade areas, Malaysia has witnessed steady growth in pangasius imports, presenting a vast opportunity for Vietnam to expand its exports.
The latest statistics reveal that Vietnam's pangasius exports to Malaysia reached a significant milestone in October 2024, reaching over 3 million USD, a remarkable 19% increase compared to the same month in 2023. The total value of exports in the first 10 months of 2024 stood at 29 million USD, marking a 21% increase from the same period last year. Notably, July 2024 saw the highest export value since 2023, surpassing 4 million USD, representing a staggering 52% increase from July 2023.
While exports of value-added pangasius products are still modest, they have shown impressive growth, increasing by 115% to over 1.5 million USD in the first 10 months of 2024. The growth rate for these products has been remarkable, with month-on-month increases ranging from 315% to 526% compared to the previous year.
Malaysia remains Vietnam's largest market for frozen pangasius fillets, with Vietnam supplying an impressive 96% of Malaysia's imports of these products. The strong trade relationship between the two countries, bolstered by regional trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), presents significant opportunities for further growth in pangasius exports and bilateral trade in the future.
To capitalize on this potential, Vietnamese businesses must focus on improving product quality, expanding their product lines, and enhancing their marketing efforts to meet the growing demands of Malaysian consumers. Furthermore, policymakers can work to create a more favorable business environment by streamlining regulations and providing support for exporters.
As the demand for pangasius products continues to rise globally, Vietnam's decision to prioritize this sector could yield significant benefits for the country's economy. By unlocking the potential of pangasius exports to Malaysia and other markets, Vietnam can not only boost its agricultural sector but also increase its global influence and reputation as a major player in international trade.
**Key Takeaways:**
* Vietnam's pangasius exports to Malaysia reached over 3 million USD in October 2024, a 19% increase compared to the same month in 2023.
* The total value of exports in the first 10 months of 2024 reached 29 million USD, up 21% from last year.
* Value-added pangasius products showed impressive growth, increasing by 115% to over 1.5 million USD in the first 10 months of 2024.
* Malaysia remains Vietnam's largest market for frozen pangasius fillets, with Vietnam supplying an impressive 96% of Malaysia's imports.
* Regional trade agreements such as RCEP and CPTPP present significant opportunities for further growth in pangasius exports and bilateral trade between Vietnam and Malaysia.
