According to data from General Department of Customs, Vietnamese pangasius exports to the US in 2023 reached 271 million USD, down 50% compared to 2022. The US is the second largest consumer market for Vietnamese pangasius after China and Hong Kong (China).
In December 2023, for the first time, the US recorded positive growth in Vietnamese pangasius imports after 11 months of decline with export turnover reaching nearly 20 million USD, up 20% over the same period in 2022.
Previously, value of pangasius exports to this market decreased by 22 - 81% in the first 11 months of 2023. Although pangasius sales to the US in the last month of 2023 increased, export value in this month is still lower than the months in the middle of the year. Value of pangasius exports to the US in December 2023 is only "slightly" higher than in January, February and July 2023.
According to data from World Trade Center (ITC), Vietnam accounts for 19% of market share of US white meat fish imported from the world and is also the second source of white meat fish (mainly pangasius) for the US and second only to China (accounting for 45%).
According to Vietnam Association of Seafood Exporters and Producers, trade flow to the US has increased sharply after the country fully opened after the Covid epidemic period. Rising demand caused massive imports in the first half of 2022, leading to excess supply, causing pangasius consumption of this superpower from the second half of 2022 and the whole of 2023 to slow down significantly.
Huge amount of inventory waiting to be consumed was once the biggest reason why importers in the US were more cautious about importing in 2023 and is no longer the dominant issue.
Value of Vietnamese pangasius exports to the US market is gradually getting better, narrowing decline gap and growing slightly in the last month of 2023.
In the first weeks of 2024, the US economy shows many positive signs of recovery and growth. Inflation has decreased significantly, unemployment rate is lower, income has caught up and exceeded inflation and consumer spending will also be more comfortable than in the volatile year of 2023.
For pangasius exports to the US to recover in 2024, not only does it require cooperation from the state, ministries, branches and careful calculation of businesses but it also depends heavily on objective factors and the world situation: the prolonged conflict between Russia and Ukraine, the fighting between Israel and Hamas, instability in the Middle East, Red Sea tensions,... Among them, race for the White House in 2024 is likely to make the economy worse. General economy faces many uncertainties, even social instability if the losing side does not accept election results...

Source: Vitic/ congthuong.vn