The shifting pangasius market has Vietnam's industry hopeful for recovery

In May 2024, Vietnam achieved its highest pangasius export volumes in two years, with a 46% year-over-year increase and an 8% rise from the previous month, totaling over 83,000 metric tons. This growth is primarily due to a 20% surge in exports to China, reaching over 29,000 metric tons, the largest since February 2023. Despite this, the export value to China saw only a marginal 0.4% increase, attributed to a significant drop in prices. Pangasius prices have fallen in various markets, including China, Mexico, the EU, the UK, and Brazil, while prices in the U.S. have risen slightly. The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipates that high freight rates and persistently low farmgate prices could lead to a slowdown in sales as the year progresses.

In May 2024, Vietnam recorded its highest monthly pangasius export volumes in two years, mainly thanks to rising demand from China. But rapidly rising freight rates and low prices are offsetting some of those gains, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).Vietnam shipped more than 83,000 metric tons (MT) of pangasius to global markets in May, a 46 percent rise year over year and an 8 percent increase over April 2024. It was the biggest monthly total since May 2022 and marked the third consecutive month of pangasius export volume growth in the country.Vietnamese pangasius exports to China, including Hong Kong, surged 20 percent year over year in May to more than 29,000 MT, the largest total since February 2023. The Chinese market become more reliable in recent months, with growing demand and stable prices for lower-value whitefish species, which VASEP said should continue to boost Vietnam’s pangasius export volumes in the back half of the ...