Vietnam’s Pangasius Exports Set to Reach $2 Billion in 2024
Vietnam’s pangasius export market is experiencing growth, projected to reach $2 billion in 2024, with significant demand in key markets like the U.S.
"Vietnam’s Pangasius Exports Set to Reach $2 Billion in 2024"
Overview of Pangasius Exports in 2024
Vietnam's pangasius exports have seen a resurgence, with VASEP projecting a total of $2 billion in sales by the end of 2024. Although this marks a slight decrease from the $2.4 billion peak in 2022, it showcases the resilience of the industry amidst fluctuating demand.
Market Trends: U.S. Growth and Chinese Decline
The U.S. market has shown remarkable growth, with September exports rising by 32% year-over-year, totaling $256 million for 2024. This growth is driven by lower inventories and reduced inflation, making the U.S. Vietnam’s second-largest pangasius market after China.
However, exports to China have seen a 16% decline in September, the third monthly drop this year. Despite this, China remains the leading consumer, with $418 million in pangasius imports from Vietnam through Q3 2024.
Product Diversification and Value Addition
Frozen fillets remain the primary export product, generating $1.2 billion, a 5% increase year-on-year. Value-added products, such as processed pangasius, have shown the highest growth, up by 45%, reaching $32 million. This reflects a shift towards more premium products, driven by rising competition in the global seafood market.
StatisHub: Supporting Export Strategies with Accurate Data
At StatisHub, we equip seafood exporters with comprehensive data solutions that allow them to analyze trends, manage inventory, and target key markets effectively. Our platform provides insights into Vietnam’s pangasius export trends and market demands, helping companies make data-informed decisions.
Conclusion
The expected $2 billion milestone for pangasius exports in 2024 highlights Vietnam’s standing in the global seafood market. Leveraging detailed trade data will be crucial for businesses to stay competitive as they expand into high-demand regions like the U.S. and China.
For further insights on Vietnam’s seafood export trends, explore our resources at StatisHub.
Related insights on pangasius and seafood exports available in our recent posts.
