In May 2024, Vietnam's pangasius exports reached 80,000 tons, marking the highest level since 2022 and the third consecutive month of growth, primarily driven by high demand from China.

Specifically, pangasius exports totaled over 83,000 tons, up 46% year-on-year and 8% from the previous month. Exports to China & Hong Kong continued to rise by 20% compared to the same period last year. Additionally, significant increases were noted in exports to other markets: ASEAN up 7%, Mexico up 15%, and the United Kingdom up 33%. However, exports to the U.S. decreased by 1% in volume.

The Chinese market is showing strong recovery with high demand and stable prices, potentially boosting Vietnam's pangasius exports in the latter half of the year. Despite a 3% increase in March, pangasius prices continued to decline over the following two months due to weakened economic conditions tightening consumer spending. Competitive pricing and good quality continue to make pangasius increasingly popular in this market.

In May 2024, pangasius exports to China & Hong Kong reached over 29,000 tons, the highest since February last year, marking the highest growth since February 2024. Despite the increase in export volume, average export prices to this market still decreased by 18% compared to the same period last year, resulting in negative export value growth.

Pangasius exports to the U.S. in May 2024 reached over 13,000 tons, slightly lower than the previous month, with average export prices increasing by 1.7% to $2.95 per kg. Following a sluggish 2023 with continuous declines in export value, exports to the U.S. have shown signs of improvement. According to Vietnam Customs data, in the first half of June 2024, pangasius exports to the U.S. reached nearly $14 million, up 39% year-on-year. As of June 15, 2024, cumulative pangasius exports to this market totaled $146 million, up 18% from the same period in 2023.

Pangasius exports to the EU in May 2024 were relatively stable, although they decreased slightly to just over 6,000 tons. However, average export prices to this market were equivalent to those in March 2024 at $2.43/kg, down 4.7% from the previous month.

In the ASEAN market, pangasius export volume in May 2024 reached nearly 9,000 tons, the highest since November last year. However, the average export price decreased by 7.5% to $1.74/kg - the lowest since late 2021, as farmers face increased input costs.

Mexico's pangasius import volume in May 2024 continued to increase for the third consecutive time to over 2,000 tons, while prices remained unstable and decreased by 7.4% compared to the previous month to $2.13/kg.

In May 2024, the UK imported nearly 2,000 tons of pangasius from Vietnam, the highest in five years, while export prices decreased by 7.3% to $2.43/kg.

Finally, Brazil's pangasius market in May 2024 imported over 2,000 tons, doubling from the same period last year, while prices remained unstable and decreased by 1.5% to $2.69/kg.

Thus, Vietnam's pangasius export volume in May 2024 reached the highest level in two years. The Chinese market remains the main driver of this growth, with the highest import volume since February last year. However, export prices for pangasius have yet to show signs of recovery, tending to decrease in some markets due to increased production costs while selling prices remain low. This could affect the profitability of pangasius export enterprises.

Forecasted for the latter half of 2024, pangasius export volumes are expected to continue rising due to high demand from key markets such as China and ASEAN. However, export prices may remain low due to competitive pressures and high production costs. Pangasius export enterprises need to focus on improving product quality, diversifying markets, and seeking solutions to reduce production costs.

Source: VASEP