Vietnam’s pangasius exports to Canada reached $32 million in the first three quarters of 2024, marking a solid 10% increase. Despite some fluctuations, including a sharp decline in April and August, the sector rebounded, driven by strong demand for frozen fillets and value-added products.
Consistent Growth Despite Volatility
Vietnam’s pangasius exports to Canada have shown steady growth, with exports rising by 10% year-to-date, reaching $32 million by the end of September 2024. The highest monthly export value was achieved in March, with a remarkable 21% increase compared to the same month in 2023. Although exports dropped in April and August, falling to $3 million, they rebounded strongly in subsequent months, demonstrating the market's resilience.
- Frozen Pangasius Fillets: The dominant product in this category saw a slight 6% decrease in the third quarter but still enjoyed a 10% overall increase for the first nine months of the year.
- Dried and Frozen Fish Products: Exports surged by 56%, fueled by an exceptionally strong third-quarter performance.
- Value-Added Pangasius: Exports of value-added products were more volatile, peaking in July with a staggering 425% year-over-year increase, before experiencing a sharp decline by September.
Canada’s Growing Demand for High-Quality Products
Canada remains the largest importer of frozen pangasius fillets from Vietnam, accounting for 19% of its total white fish imports. Trade agreements like the CPTPP have facilitated this growth, but as Canadian consumers become more discerning, there is an increasing focus on quality, safety, and sustainability standards.
Vietnamese exporters must adapt to these market demands and evolving regulatory trends to succeed in the Canadian market.
Outlook for Vietnam’s Pangasius Exports
Despite some volatility, Vietnam’s pangasius export industry is expected to continue its steady growth, driven by the increasing demand for quality seafood products in Canada. Vietnamese enterprises that focus on meeting Canadian consumers’ growing expectations for sustainable and high-quality products will be well-positioned for success.
Source : Vasep
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