Frozen pangasius fillets are the main product of Vietnam's pangasius exports up to now, because they are easy to process and suitable for most customers worldwide. Brazil is one of the importers that almost only buys frozen pangasius fillets, this country rarely imports other products.

According to Vietnam Customs, in the first half of July 2024, Brazilian pangasius exports reached more than 4 million USD, up 4% over the same period in 2023. Cumulative exports as of July 15, 2024 reached 58 million USD, up 38% over the same period last year and are temporarily the 3rd largest pangasius import market of Vietnam, after China and the US.

In QII/2024, Brazil almost did not import VAT pangasius from Vietnam. This country only consumed frozen pangasius fillets code HS0304, with an import value of 26 million USD in QII/2024, up 39% over QII/2023; In the first 6 months of this year, imports of this item reached 53 million USD, up 41% over the same period in 2023, accounting for 99.8% of the proportion. In particular, January 2024 was the month when this South American country bought the most frozen pangasius fillets, with a value of more than 14 million USD, an increase of 83% over the same period.

For dried pangasius and other frozen products (whole, cut, pangasius bladder, ...), in the first half of this year, Vietnam exported more than 110 thousand USD to Brazil, an increase of 7 times over the same period last year, accounting for 0.2% of the proportion, mainly exported in the first quarter of the year. In QII/2024, Brazil did not import this product from Vietnam, while in the same period last year, this market imported more than 14 thousand USD.

According to data from the International Trade Center (ITC), Vietnam is the 3rd largest supplier of white fish (mainly pangasius) to Brazil, after the US and Canada. Vietnam is a country that is geographically farther from Brazil than the US and Canada, but this South American country still continuously increases its imports of Vietnamese pangasius. In the first half of this year, Brazil recorded a positive growth of 77% in the volume of pangasius imported from Vietnam, and growth in all months. In particular, the first month of this year was the month when Brazil consumed the most pangasius with more than 3,000 tons, an increase of 183% compared to January 2023.

Despite the decrease in average export price, the export value of pangasius to Brazil still grew positively thanks to the increase in import volume. The average export price of Vietnamese pangasius to Brazil witnessed the lowest level in the past 3 years, since 2022. In particular, June 2024 witnessed the lowest price, only 2.61 USD/kg, down 13% compared to June 2023; and down 25% compared to June 2022. The average export price of pangasius to Brazil started to decrease from April 2023 and gradually decreased over the months. In March and April 2024, the price increased slightly to 2.71 USD/kg and 2.73 USD/kg, then continued to decrease in May and June 2024.

The decrease in average export price and increase in volume show that the demand for pangasius in Brazil has not decreased. In 2024, Latin America's largest economy has raised its growth forecast to 2.3%, up from the previously forecast 1.9%. It is forecast that in the second half of this year, the country will continue to increase pangasius imports from the first half of the year to prepare for festivals and holidays. However, the average export price to Brazil will hardly grow strongly.

Source: VASEP