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Vietnam's pangasius exports to Brazilian market grow steadily 

 Tuesday, November 12,2024

AsemconnectVietnam - Accumulated pangasius exports to Brazilian market up to September 15, 2024 recorded a positive growth of 26% compared to the same period in 2023, reaching more than 81 million USD.

Pangasius is one of white-fleshed fish species favored in many markets around the world. However, this typical fish species of Vietnam also faces many challenges, especially from competitors, other white-fleshed fish species such as cod, pollock, tilapia...In Brazil, Vietnamese pangasius is the number 1 choice among white-fleshed fish species that this country imports from the world.
According to data from Vietnam Customs, cumulative export of Vietnamese pangasius to Brazil up to September 15 recorded a growth of 26% compared to the same period last year, reaching more than 81 million USD. In particular, in the first half of September alone, export value of pangasius to this market reached nearly 5 million USD, up 3% over the same period in 2023. Brazil is the third largest destination for Vietnamese pangasius, after China and the US.
Since the beginning of this year, Vietnamese pangasius exports to Brazil have recorded stable growth; except for August 2024, pangasius exports to this market decreased by 10% over the same period last year, reaching only 12 million USD. This is also the second month that has witnessed a decrease in pangasius export turnover to Brazil. Previously, in February 2024, value reached 6 million USD, down 6% due to coinciding with Lunar New Year.
This South American country mainly consumes frozen pangasius fillets from Vietnam. Brazilian market imports few other frozen products (whole, cut, pangasius bladders, etc.) and almost no value-added pangasius products from Vietnam, as of September 15, 2024.
According to International Trade Center (ITC), frozen pangasius fillets with HS code 030462 are product that Brazil buys the most from the world. In the first 8 months of this year, Brazil imported nearly 86 million USD worth of frozen pangasius fillets alone, an increase of 54% over the same period.
January this year was recorded as the month this country consumed the most frozen pangasius fillets, with nearly 17 million USD, double that of January 2023. Vietnam is source of white fish (mainly pangasius) for this market in the first 8 months of 2024 and is also sole supplier to Brazil of frozen pangasius fillets with HS code 030462.
In recent years, consumers in this South American country have increased their demand for convenient processed products. In particular, the most populous and richest city in Brazil, Sao Paulo, is considered to be the leader in national consumption trend of looking for frozen or conveniently processed seafood products that are nutritious and good for health. Meanwhile, Brazil almost does not import value-added pangasius products from Vietnam. This market probably still has a lot of potential and room for Vietnamese export enterprises to exploit.
In addition to main product of frozen pangasius fillets, Vietnamese value-added pangasius is increasingly asserting its position in international market. Market fluctuations in recent years have shown that choosing a value-added processed goods business strategy is a strategic direction for Vietnamese seafood enterprises. In particular, potential for value-added pangasius exports will have many more opportunities in the markets, requiring enterprises to proactively adapt to promptly grasp demand and opportunities.
Pangasius export prices are also expected to recover and gradually increase. In 2024, Vietnam's pangasius exports are expected to reach 1.8 billion USD, an increase of 6% compared to 2023.

Source: Vitic/ congthuong.vn
 

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