In the final months of 2024, pangasius exports from Vietnam are seeing a strong recovery in two of the world's largest whitefish markets: China and the United States. Both countries are key destinations for whitefish, with Vietnam maintaining its position as the second-largest supplier, primarily through its exports of frozen pangasius fillets.
Pangasius in the US Market
The US continues to be a critical market for Vietnamese whitefish exports. In the first half of 2024, the US imported more than $184 million worth of Vietnamese whitefish, a notable increase of 10% compared to the same period in 2023. While the US also imports whitefish from China, the value of Chinese whitefish exports to the US fell by 17%, totaling $357 million.
In 2023, China held the largest share of whitefish exports to the US, with a total value of $775 million, representing 44% of the market. Vietnam followed closely as the second-largest supplier, contributing nearly $330 million worth of whitefish, which accounted for 19% of the US’s whitefish imports. This steady performance highlights Vietnam's growing role in meeting the demand for frozen pangasius fillets in the US.
Pangasius in the Chinese Market
China is another vital market for Vietnamese whitefish, although Vietnam faces tough competition from Russia. By the end of July 2024, Russia remained the dominant supplier of whitefish to China, with exports valued at nearly $625 million, despite a 21% year-on-year decline. Vietnam, meanwhile, is the second-largest supplier, exporting $162 million of whitefish in the first seven months of the year. However, this figure represents a 22% drop compared to the same period in 2023.
The trend reflects a broader pattern from 2023, when Russia supplied over $1.1 billion worth of whitefish to China, accounting for 62% of the country’s imports. Vietnam ranked second, contributing $339 million, which made up 19% of China's total whitefish imports. Despite recent challenges, Vietnam's consistent presence in China underscores the resilience of its pangasius industry.
Outlook for the Remainder of 2024
The recovery in Vietnamese pangasius exports to both China and the US signals a positive outlook for the remainder of 2024. The increased demand in the US, combined with Vietnam's solid foothold in China, positions the country to capitalize on the shifting dynamics of the global whitefish market. As Vietnam continues to supply high-quality frozen pangasius fillets, it remains a key player in meeting the global demand for whitefish, particularly in two of its most important markets.
This recovery presents opportunities for Vietnamese seafood exporters to further strengthen their market share, especially as global consumption trends shift towards more affordable and sustainable sources of protein. The resilience of pangasius exports will be crucial in maintaining Vietnam's position in the highly competitive whitefish trade.
By continuing to focus on quality and sustainability, Vietnam is well-positioned to maintain and potentially grow its share in these lucrative markets in the months ahead.
Source: Vasep.
