Statistics from the General Department of Customs show that in the first 11 months of 2024, Vietnam's pangasius exports earned $1.8 billion, a 10% increase compared to the same period last year.

Among the five main customers, pangasius exports to the US recorded the highest growth rate of 26% compared to the same period last year, reaching a value of 317 million USD.

Notably, in November 2024, value-added (VAT) exports of pangasius to the US reached over $2 million, a 4,270% increase compared to the same month of the previous year. For the first 11 months of 2024, exports of this product to the US reached over $12 million, a 2,182% increase (22 times) compared to the same period of the previous year. This is also a record high in the last 10 years.

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Deep-fried catfish exported to the US sets a record. Photo: mekongfish

2022 marked the highest value-added export year for pangasius to the US, as the US reopened after the Covid-19 pandemic and imported a large quantity of Vietnamese pangasius in the first half of the year.

However, the consequence of massive imports was that supply in the US market exceeded demand, leading to inventory buildup throughout 2023. Coupled with the economic crisis, decreased demand, and consumers tightening their spending, the inventory in storage was slow to sell, resulting in a significant decrease in pangasius exports to the US in 2023.

By 2024, in the first 11 months, specifically in the value-added pangasius segment, the US mainly imported breaded products from Vietnam under HS code 16041990 (frozen breaded pangasius fingerfish, fried breaded pangasius, frozen breaded pangasius fillets, frozen breaded pangasius nuggets, etc.).

Accordingly, products with HS code 16041990 accounted for 99.9% of the value-added pangasius exports to the US in the first 11 months, with a value of $12.4 million. In addition, the US also imported other value-added products such as: frozen pangasius skewers, crispy fried pangasius skin snacks, frozen boiled pangasius balls, frozen pangasius fish patties, etc.

Vietnam's billion-dollar fish industry receives more good news from the US . Having already earned $1.3 billion, Vietnamese pangasius continues to receive more positive news from the US market. The best news is that after more than 20 years of being embroiled in a lawsuit, US authorities have determined in preliminary results that many Vietnamese pangasius fillet exporters are not dumping their products in the US.