“According to Vietnam Customs statistics, in the first eight months of 2022, Vietnam’s pangasius exports reached over $1.8 billion, up 81% over the same period last year, which pangasius exports to the US market accounted for 23% with more than 421 million USD, up 87%” – VASEP
Particularly in August 2022, pangasius exports to the US reached 33 million USD, up 45% over the same period. This growth figure does not reflect a positive trend because August 2021 is when pangasius exports plummeted due to the impact of the Covid pandemic. Pangasius sales to the US in August were slightly higher than the low of nearly $32 million in July.
In the first eight months of 2022, frozen pangasius fillets accounted for 87% of pangasius export value to the US. It is estimated that Vietnam exported about 94 thousand tons of frozen pangasius fillets to the US during this period. The average price of frozen pangasius fillets exported to the US in August 2022 remained high at 5 USD/kg. However, after reaching a high level from March to May with a volume of about 13.5-16 thousand tons/month, pangasius exports to this market began to slow down from June, falling to the lowest level in the month. Seven and slightly recovered in August.
According to statistics from the US Department of Agriculture, in the first seven months of this year, the US imported a total of 95.4 thousand tons of frozen pangasius, worth nearly US$ 403 million, up 35% in volume and 106% in value compared to the previous year. Same period last year.
Imports of frozen pangasius from Vietnam to the US reached 88.2 thousand tons, worth 371 million USD, up 34% and 109%, respectively, over the same period last year. Vietnam accounts for over 92% of frozen pangasius imports to the US, both in volume and value.
In addition, the US also imports pangasius and catfish from China, Taiwan, Thailand, and Brazil. While China accounts for about 5%, the remaining countries account for about 3%.
The average price of frozen pangasius imports into the US in the first seven months of this year reached US$4.22/kg, up 53% over the same period last year. Notably, the import price of frozen pangasius from Vietnam increased by 56% to 4.21 USD/kg.
Fillets (HS code 030462) accounted for 96% of frozen pangasius imports into the US, with over 91 thousand tons worth 385 million USD. In contrast, imports from Vietnam alone reached 86.6 thousand tons, worth 364 million USD.
In addition, the volume of pangasius and catfish, whole/cut, with HS code 030324 imported into the US, accounted for only 1.3 thousand tons, worth $5.8 million.
The amount of inventory increased, and the flow of goods was congested at ports, causing importers to start curbing their demand for goods. It is estimated that in August, Vietnam’s frozen pangasius fillets exported to the US reached about 6.7 thousand tons, higher than in July but much lower than in the first months of the year.
US pangasius imports may gradually increase in the coming months, when food price inflation in general and seafood, in particular, makes the US market more wobbly and also enters a cycle of increasing demand for fish. Christmas and New Year.