Vietnam's pangasius exports have seen remarkable growth in 2024, setting the stage for the industry to potentially hit its ambitious US$2 billion export target by the year’s end. August alone witnessed an impressive 12% year-on-year increase in Vietnamese pangasius exports, generating US$191 million in revenue, according to the latest report from industry experts.
Continued Growth in Key Markets
Several key markets have played a significant role in this surge, with exports to countries such as the United States, members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Brazil, Thailand, and Colombia all experiencing double-digit growth. These markets have continued to drive demand for Vietnamese pangasius, reinforcing Vietnam’s position as a top global supplier of the product.
China and Hong Kong Lead in Consumption
China and Hong Kong (China) remain the largest consumers of Vietnamese pangasius, with August exports reaching over US$57 million, marking a 9% increase. However, despite this growth, the eight-month export value to China and Hong Kong slightly decreased by 2%, amounting to US$370 million. This decline is seen as a minor setback amidst the broader positive export trends across other regions.
US Market Recovery Fuels Pangasius Export Growth
One of the standout performers for Vietnam’s pangasius exports has been the United States. In August, exports to the US surged by an impressive 40%, generating over US$35 million. This growth pushed the eight-month export value to the US up by 23%, reaching a total of US$226 million. The recovery in the US market has proven to be a major driving force for the Vietnamese pangasius industry, especially as imports from China show signs of slowing down.
The US Department of Agriculture’s recent announcement on August 29 to purchase additional Pacific cod, grouper fillets, and catfish—with a total value of up to US$6.5 million—is expected to further fuel demand for Vietnamese seafood, contributing to the positive momentum in the US market.
Positive Outlook for Pangasius Industry
Industry insiders are optimistic that if the current growth trajectory continues, Vietnam’s pangasius industry is well-positioned to achieve its US$2 billion export target by the end of 2024. With rising demand from key markets and a steady recovery in the US, the outlook for the pangasius sector remains highly promising.
For Vietnamese exporters, the coming months will be crucial in maintaining this growth momentum. The industry’s ability to adapt to changing market conditions and meet the evolving demands of international buyers will be key in ensuring that the US$2 billion goal becomes a reality.
For more updates on Vietnam’s seafood industry, visit [VNSEAFOODS Website]
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