Pangasius exports skyrocket, likely to fulfill US$2 billion export target

With pangasius exports soaring by 9% to reach nearly US$1.3 billion during the initial eight months of the year, Vietnam is likely to achieve the set target of earning US$2 billion from the export of the fish this year, according to the General Department of Vietnam Customs.

August alone witnessed Vietnamese pangasius exports rise 12% year on year to bring in US$191 million, reported the department.

Many countries continued to record impressive growth. Pangasius exports to markets such as the United States, members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Brazil, Thailand, and Colombia all enjoyed double-digit growth.

In particular, China and Hong Kong (China) maintained their position as the largest consumers of Vietnamese pangasius, with export value in August reaching more than US$57 million, up 9%. However, the eight-month export value to this market decreased slightly by 2% to US$370 million.

Most notably, pangasius exports to the US in August skyrocketed by 40% to more than US$35 million, prompting eight-month exports to the market to surge by 23% to US$226 million.

The recovery of the US market can be seen as a strong driving force for the Vietnamese pangasius industry, especially amid imports from China showing signs of slowing down.

In particular, on August 29, the US Department of Agriculture unveiled plans to purchase additional Pacific cod, grouper fillets, and catfish, with a total value of up to US$6.5 million.

Insiders pointed out that if the growth momentum is maintained in the coming months, the pangasius industry is anticipated to achieve an export target of US$2 billion this year.