Vietnam's pangasius exports to the Brazilian market grow steadily

Pangasius is one of the white fish species that is popular in many markets around the world . However, this typical fish of Vietnam also faces many challenges, especially from competitors, other white fish species such as cod, pollock, tilapia... In Brazil, Vietnamese pangasius is the number 1 choice among the white fish species that this country imports from the world.

According to Vietnam Customs data, the cumulative export of Vietnamese pangasius to Brazil as of September 15 recorded a growth of 26% over the same period last year, reaching more than 81 million USD. In particular, in the first half of September alone, the export value of pangasius to this market reached nearly 5 million USD, an increase of 3% over the same period in 2023. Brazil is the third largest destination of Vietnamese pangasius, after China and the US.

Pangasius exports to Brazil grew 26% year-on-year in 2023, reaching more than 81 million USD. Photo: VNA

Vietnam’s pangasius exports to Brazil have recorded steady growth since the beginning of this year; except for August 2024, pangasius exports to this market decreased by 10% compared to the same period last year, reaching only 12 million USD. This is also the second month that witnessed a decrease in pangasius export turnover to Brazil. Previously, in February 2024, the value reached 6 million USD, down 6% due to coinciding with the Lunar New Year.

This South American country mainly consumes frozen pangasius fillet products from Vietnam. The Brazilian market imports few other frozen products (whole, cut, pangasius bladders...) and almost no value-added pangasius products from Vietnam, as of September 15, 2024.

According to the International Trade Center (ITC), frozen pangasius fillets with HS code 030462 are the product that Brazil buys the most from the world. In the first 8 months of this year, Brazil imported nearly 86 million USD worth of frozen pangasius fillets alone, an increase of 54% over the same period.

January this year was the month when the country consumed the most frozen pangasius fillets, with nearly 17 million USD, double that of January 2023. Vietnam is the source of whitefish (mainly pangasius) for this market in the first 8 months of 2024, and is also the sole supplier to Brazil of frozen pangasius fillets HS code 030462.

Source: VASEP

In recent years, consumers in this South American country have increased their demand for convenient processed products. In particular, Sao Paulo, the most populous and wealthy city in Brazil, is considered to be the leader in the consumption trend of the whole country, looking for frozen or processed seafood products that are convenient, nutritious and good for health. Meanwhile, Brazil almost does not import value-added pangasius products from Vietnam. This market probably still has a lot of potential and room for Vietnamese export enterprises to exploit.

In addition to the main product of frozen pangasius fillets, Vietnamese value-added pangasius is increasingly asserting its position in the international market. Market fluctuations in recent years have shown that choosing a business strategy of value-added processed products is a strategic direction for Vietnamese seafood enterprises. In particular, the potential for exporting value-added pangasius will have many more opportunities in the markets, requiring enterprises to proactively adapt to promptly grasp the needs and opportunities.

Pangasius export prices are also expected to recover and gradually increase. In 2024, Vietnam's pangasius exports are expected to reach 1.8 billion USD, up 6% compared to 2023.

Source: https://congthuong.vn/xuat-khau-ca-tra-viet-nam-sang-thi-truong-brazil-tang-truong-on-dinh-352513.html