Value-added pangasius exports to the US increased by 2182%

According to Vietnam Association of Seafood Exporters and Producers, in November 2024, value-added pangasius exports to the US reached more than 2 million USD, an increase of 4270% (equivalent to 42 times) compared to the same period in 2023. In general, in the first 11 months of 2024, exports of this product to the US reached more than 12 million USD, an increase of 2182% (equivalent to 21 times) compared to the same period last year.

Freezing pangasius fillets for export at the factory. Photo: Vu Sinh/VNA

This result is the highest value-added pangasius export turnover in the past 10 years, since 2015. Previously, 2022 was recorded as the year with the highest value-added pangasius export value to the US, when the US opened up after the Covid-19 pandemic and massively imported Vietnamese pangasius in the first half of the year.

However, soon after, the consequence of massive imports was that supply exceeded demand, leading to inventory in the US throughout 2023. The economic crisis, falling demand, and tightening consumer spending made it difficult for inventory to be consumed quickly, leading to a significant decrease in pangasius export turnover to the US in 2023. 2023 is considered the most difficult year for the pangasius export industry in the past 10 years.

In the 11 months of 2024, in the value-added pangasius segment alone, the US mainly imported breaded products from Vietnam with HS code 16041990 (frozen breaded pangasius finger size 25g, fried breaded pangasius, frozen breaded pangasius slices, frozen breaded pangasius nuggets, etc.). Products with HS code 16041990 accounted for 99.9% of the value-added pangasius exported to the US market in the 11 months of 2024, with 12.4 million USD.

There are 5 enterprises participating in exporting HS code 16041990 products to the US in the first 11 months of 2024, of which Van Duc Tien Giang accounts for 74% of the proportion, followed by Bien Dong accounting for 13%, NTFS Seafood accounting for 12%, Vinh Hoan accounting for 2% and SKYEX accounting for 0.0002%.

Some other value-added pangasius product codes that Vietnam exports to the US include: HS code 16042099 (frozen pangasius skewers, crispy fried pangasius skin snacks, etc.); HS code 16042030 (frozen boiled pangasius balls, frozen pangasius patties, etc.); HS code 16042091 (frozen breaded and fried pangasius pieces, etc.)

In addition to the main product of frozen pangasius fillets, value-added pangasius is also a product that needs to be strongly communicated and boldly exported to markets to be more proactive in shaping the Vietnamese pangasius brand in the international market. The coming year 2025 promises to be a year when the export value of Vietnam's value-added pangasius continues the momentum of 2024 and develops strongly.

The US is one of the largest importers and consumers of Vietnamese pangasius, mainly frozen fillets. However, in recent years, this country has imported more value-added pangasius products.

Source: https://congthuong.vn/xuat-khau-ca-tra-gia-tri-gia-tang-sang-my-tang-2182-369341.html