Significant Volume Increase Boosts Pangasius Exports to Brazil, Earning Nearly 28 Million USD.

Despite a decrease in prices, a significant increase in volume has compensated for the loss, resulting in nearly USD 28 million in revenue from pangasius exports to the Brazilian market in the first quarter of 2024.

According to the Vietnam Association of Seafood Exporters and Producers, the export value of pangasius to Brazil in January 2024 reached USD 14 million, an 83% increase compared to January 2023. In February 2024, the largest country in South America consumed nearly USD 6 million worth of pangasius, a 6% decrease, while in March 2024, consumption rose to over USD 8 million, a 48% increase compared to the same period last year.

Illustration photo
Illustration photo. Source: Fatifish

Brazil almost exclusively imports frozen pangasius steaks, HS code 0304, from Vietnam. In the first quarter of 2024, exports of this product to Brazil reached nearly USD 28 million, a 44% increase compared to the same period in 2023, accounting for 99.6% of the total export value.

Notably, in this quarter, Brazil imported an additional USD 110,000 worth of frozen pangasius products from Vietnam, whereas in the same period last year, the country hardly imported this product.

The average export price of Vietnamese pangasius to Brazil in February 2024 witnessed the lowest level in three years, since 2022, at USD 2.67 per kilogram. In the first three months of this year, the average export price of pangasius decreased by 12 – 14% compared to the same period last year.

Although prices have continuously declined, the export volume of pangasius to this market has shown an opposite trend. In the first quarter of 2024, the export volume of pangasius to Brazil reached nearly 7,000 tons, a 79% increase compared to the first quarter of 2023. January 2024 recorded the highest growth rate in the first quarter of this year with over 3,000 tons, a 183% increase compared to the same period last year. In February and March 2024, the export volumes to this country were over 1,800 tons and 1,700 tons, increasing by 23% and 46% respectively compared to the same period in 2023.

According to the latest figures from the International Trade Centre, in 2023, Brazil imported nearly USD 98 million worth of pangasius from Vietnam, mainly frozen pangasius fillets. Vietnam continues to be the largest source of white meat fish, primarily pangasius, for Brazil. Meanwhile, Norway ranked fourth with USD 43 million; China fifth with USD 15 million, the United States with over USD 1 million, and is the sixth-largest source of white meat fish for Brazil.

The top five Vietnamese pangasius exporters to the Brazilian market in the first quarter of this year include: Hung Ca 2 with a 26% share, Southern Seafood with 16%, Hoang Long with 11%, Can Tho Seafood with 10%, and Frozen Food Vietnam with a 9% share.

Source: Bao Cong Thuong

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