China was the largest buyer of Vietnamese pangasius in the first two months of 2024

In the first two months of 2024, China and Hong Kong (China) remained the leading importers of Vietnamese pangasius, with a value of $75 million USD.

According to the General Department of Customs, in February 2024, the export turnover of pangasius reached over $90 million USD, a 42% decrease compared to the same period last year, witnessing negative growth in most markets and product segments.

Ảnh bài viết
China was the largest buyer of Vietnamese pangasius in the first two months of 2024.

Despite a two-digit decline, the cumulative export of pangasius until the end of February 2024 to various markets still increased by 6% compared to the same period and reached $255 million USD. This increase was mainly due to a record surge in export value in January 2024 as many markets boosted imports to stock up for the Lunar New Year holiday.

Regarding consumption markets, China and Hong Kong (China) continued to be the top importers of Vietnamese pangasius with $23 million USD consumed in February 2024, a 65% decrease compared to February 2023. In the first two months of this year, the export value of pangasius to this market reached $75 million USD, a 4% decrease compared to the same period in 2023.

In February 2024, the US imported $16 million USD worth of pangasius from Vietnam, an 8% decrease compared to February 2023. The cumulative export of pangasius to this market in the first two months of the year reached $34 million USD, a 25% increase compared to the same period last year, mainly due to the previous month’s turnover nearly doubling.

The Vietnam Association of Seafood Exporters and Producers reported that the US Department of Commerce recently announced the final results of the 19th administrative review (POR 19) for Vietnamese frozen pangasius fillets exported to the US market during the period from August 1, 2021, to July 31, 2022.

Accordingly, the common anti-dumping duty rate that DOC applied to Vietnamese pangasius exporters in this review was $2.39 USD/kg. Vinh Hoan enjoyed a duty rate of $0.00 USD/kg. Additionally, Can Tho Seafood Import-Export Joint Stock Company, Loc Kim Chi Seafood Joint Stock Company, I.D.I Multinational Development and Investment Joint Stock Company, Hung Vuong Joint Stock Company, and Cafatex Fishery Joint Stock Company were all subjected to an anti-dumping duty of $0.18 USD/kg.

The export turnover of pangasius to the CPTPP market bloc in the first two months of this year surpassed the US and became the second-largest market for Vietnamese pangasius consumption with $37 million USD, a 19% increase compared to the same period last year. In February 2024 alone, this market bloc consumed nearly $13 million USD worth of pangasius, a 28% decrease compared to February 2023. Among them, Canada stood out with a positive growth of 23%, while most other countries decreased their imports.

Challenges remain, but positive news from the US market is a good sign for the future of Vietnamese pangasius exports.

Source: Bao Cong Thuong (Read the original one)

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