Tilapia, especially frozen fillets, has almost consistently topped the list of whitefish products imported into the US. However, from February 2024 to the end of August 2024, frozen pangasius fillets surpassed frozen tilapia fillets to become the most imported whitefish product into the US.

In terms of import volume, according to ITC data, in the first 8 months of 2024, frozen pangasius fillets with HS code 030462 were the most imported products into the US, with nearly 77 thousand tons, up 38% over the same period last year. May 2024 was recorded as the month with the highest consumption in this country with nearly 13 thousand tons, up 58% over May 2023. Meanwhile, imports of frozen tilapia fillets with HS code 030461 from the US only reached 57 thousand tons in the first 8 months of this year, down 9% over the same period in 2023. The first month of this year was the only month in which the volume of frozen tilapia fillets imported into the US was higher than that of frozen pangasius fillets. From February 2024 to the end of August 2024, the volume of imported frozen pangasius fillets surpassed that of frozen tilapia fillets and became the most imported white fish product into this market.

The decline in frozen tilapia fillet imports into the US is largely due to supply shortages in China, especially in Hainan, which is facing difficulties. Typhoon Yagi, which hit in early September 2024, severely affected tilapia production in Hainan, China, reducing fish to only 20-30% of normal levels. The power outage that lasted for several weeks made it difficult to feed fish properly, and the fish were not able to grow in the most favorable conditions, affecting the quality of fish exported to major markets. Due to the tight supply in Hainan, price pressure is expected to continue, especially for larger fillets, as global demand remains strong.

In terms of import value, due to lower prices compared to some other species such as cod or tilapia, the total value of pangasius imports into the US in the first 8 months of this year is not the highest. By the end of August 2024, the US spent nearly 1.2 billion USD importing whitefish products from the world, down 3% over the same period last year, mainly frozen fillet products HS code 0304. Of which, the US spent the most on importing frozen cod fillets HS code 030471, with the import value from the world in the first 8 months of this year reaching more than 291 million USD, down 17% over the same period last year, accounting for 25% of the proportion. In addition, frozen tilapia fillets HS code 030461 and frozen catfish fillets HS code 030462 are also favored by consumers in this market. The value of US imports of these two products in the first 8 months of this year reached 260 million USD, up 4% over the same period in 2023, accounting for 22% of the proportion; and 239 million USD, up 14% over the same period in 2023, accounting for 20% of the proportion.

According to the preliminary ruling in the POR20 administrative review (August 1, 2022 - July 31, 2023), the US Department of Commerce (DOC) determined that many pangasius fillet exporters from Vietnam did not dump their products into the US market. This is also considered more positive information for Vietnamese pangasius exports to the US market.

Source: VASEP