Vietnam's Pangasius Exports Rebound Strongly in April, but Expect Slowdown in EU and U.S. Markets

In April 2024, Vietnam's pangasius exports saw a strong rebound, reaching 77,325 tons, a 37% year-on-year increase and a 21% month-on-month rise.

Except for the EU market, which declined by 2%, other major export destinations registered substantial growth. Mainland China and Hong Kong saw a 33% year-on-year increase, the United States grew by 32%, Brazil by 58%, Mexico by 40%, and Southeast Asia by 4%.

However, according to Agromonitor's analysis, the recent trends suggest that U.S. import volumes, after experiencing robust growth for two to three months, are likely to start contracting. The EU market is also expected to slow down in May and June. There are no signs of improvement in pangasius export prices, with the average price in April declining by 1% month-on-month to $2.17/kg.

In more detail, the price in China declined by 6.4% to $1.89/kg, while export volume increased to 24,327 tons. The U.S. price increased by 2.4% to $2.90/kg, with April sales reaching 13,415 tons, the highest level in the past two years. Vietnam's pangasius exports to the EU remained relatively stable at 6,695 tons in April, with the price rising by 4.3% to $2.55/kg, the highest in nearly half a year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) noted that the U.S. market is considering recognizing Vietnam's market economy status, with a conclusion expected in July. This could be a significant advantage for Vietnamese enterprises, particularly in terms of anti-dumping and countervailing duty investigations on shrimp and pangasius.

Overall, the rebound in Vietnam's pangasius exports in April is a positive development, but the industry needs to monitor the potential slowdown in the EU and U.S. markets in the coming months.