Vietnam's Pangasius Exports to Canada Increase Again

As of October 15, 2024, Vietnam's pangasius exports to the Canadian market reached 32 million USD, an increase of 10% over the same period in 2023.

According to Vietnam Customs data, in the first half of October 2024, Pangasius export to Canada reached more than 1 million USD, down 33% compared to the same period last year. Cumulative pangasius exports to this market as of October 15, 2024 reached 32 million USD, up 10% compared to the same period in 2023.

The export value of pangasius to Canada in the first three quarters of this year showed a recovery and quite positive results with continuous positive growth. March 2024 was recorded as the month with the highest export turnover, with more than 4 million USD, up 21% over the same period last year. Notably, after continuous growth in the previous months, in April and August 2024, Canada suddenly reduced its pangasius imports from Vietnam, with the value reaching 3 million USD, down 21% and 3.3 million USD, down 17% over the same period in 2023. However, in the following months, this market grew positively.

Vietnam's Pangasius Exports to Canada Increase Again

Canada mainly imports frozen pangasius fillet products from Vietnam. Exporting this product to Canada in the third quarter of 2024 reached 9 million USD, down 6% compared to the third quarter of 2023. In the first 9 months of this year, Vietnam exported more than 26 million USD of frozen pangasius fillets to Canada, up 10% over the same period last year, mainly due to export growth in the first quarter of this year, accounting for 86% of the total pangasius exports to this market.

In addition, exports of other dried and frozen fish products (whole, cut, frozen, etc.) also recorded positive growth of 56% in the first 9 months of this year, with a value of 4 million USD, mainly due to a sharp increase in exports in the third quarter. In July 2024, the export value of this product to Canada reached its highest level, with 770 thousand USD, an increase of 71% compared to July 2023.

Notably, value-added pangasius exports to Canada are often volatile and fluctuate. In February 2024, this market hardly consumed value-added pangasius from Vietnam. The highest export value of HS16 pangasius products to this market was recorded in July 2024, with more than 158 thousand USD, an increase of 425% compared to July 2023. In September 2024, value-added pangasius exports to Canada reached only nearly 7,000 USD, a decrease of 75% compared to the same period last year.

According to data from the International Trade Center (ITC), in the first 8 months of this year, Canada imported the most frozen pangasius fillets under HS code 030462, with a volume of nearly 7 thousand tons, an increase of 49% over the same period last year, accounting for 19% of the total volume of white meat fish Canada imported from the world. Vietnam is the largest supplier of frozen pangasius fillets to Canada.

In addition, the most consumed products in this market in the first 8 months of this year include: Frozen cod HS code 030363 with more than 5 thousand tons, down 38%, accounting for 14% of the proportion; frozen haddock fillet HS code 030472 with more than 3,600 tons, up 13%, accounting for 10% of the proportion; frozen Alaska pollock fillet HS code 030475 with more than 3,500 tons, up 120%, accounting for 10% of the proportion; frozen cod fillet HS code 030471 with 3,200 tons, down 0.3% over the same period last year, accounting for 9% of the proportion in the total import volume of white meat fish of Canada;...

Pangasius exports to Canada are supported by trade agreements in the CPTPP Agreement. The economic and trade relationship between Vietnam and Canada is an effective model in implementing the CPTPP. However, consumers in this country are increasingly demanding in choosing consumer products, including seafood. To export to the Canadian market, in addition to tariffs, Vietnamese products must face other issues such as regulations on food hygiene and safety standards, regulations on labeling, labeling of goods, environmental protection, etc.

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