Vietnam’s pangasius export value remained flat YoY in Q1 2024. Based on our estimate from AgroMonitor’s data, Vietnam’s pangasius export value was USD418mn in Q1 2024, which was mainly driven by 10% YoY volume growth but offset by the 10% YoY decrease in average selling prices (ASP) across pangasius exporters. Among the key listed players, VHC and IDI saw slight improvements in ASP in from December 2023 to April 2024.

Export volume advanced YoY in the US and other markets while sales remained slow YoY in China and Europe in Q1 2024. In Q1 2024, Vietnam's pangasius export volume to China, its largest importer, declined by 13% YoY. This decrease was primarily due to 2023's high base and intense competition with other whitefish filets in the China’s fishery market. Sales volume to the European market inched up 2% YoY while growing 45% YoY in the US. Previously, in December 2023, the US Treasury enacted a broad import ban on salmon, cod, crab, pollock, and other fish and seafood of Russian origin, while the EU Council decided not to allow fishery products originating in Russia to benefit from duty-free treatment from 2024 to 2026 in December 2023. We believe this potentially opens up opportunities for other fishing nations such as Vietnam to increase volume exports of fisheries, especially pangasius to the US and the EU.

Powered by Froala Editor