Brazil is one of the important markets for Vietnam’s pangasius

Brazil is one of the important markets for Vietnam’s pangasius

Brazil is the third largest market consumer of Vietnam’s pangasius. For many years, Vietnam has been a supplier of white fish (mainly pangasius) to Brazil.
Update: (1/16/2024)

In November 2023, Vietnam’s pangasius exports to Brazil reached nearly 14 million USD, up 81% over the same period in 2022, highest in terms of value and growth since February 2022. This is also the 5th consecutive month in 2023 that this market recorded positive growth in pangasius imports.

In the first 11 months of 2023, Brazil consumed more than 97 million USD of pangasius from Vietnam, up 11% over the same period in 2022. Unlike many other markets, this Latin American country only imports frozen pangasius fillet products from Vietnam.

The diverging trends of average FOB export price and export volume are particularly evident in this market. According to the latest data, the average price of exported pangasius to Brazil in October 2023 increased slightly compared to the previous month, but still remained below 3 USD/kg, continuing to decrease 16% over the same period in 2022. 2023 has been a challenging year for the entire pangasius industry, with export prices to most markets declining. Brazil is no exception. Although prices have decreased, compared to mid-2019 - early 2023, this is still an acceptable price.

In contrast, the volume of Vietnam’s pangasius exports to Brazil has steadily increased since June 2023. Thanks to that, export value still grew positively, despite the continuous decline in average FOB export price. In October 2023, Vietnam exported nearly 3,000 tons of pangasius to Brazil. Demand for Vietnam’s pangasius in Brazil remains stable and somewhat increases compared to other markets in the context of a general decline.

According to data from the World Trade Center (ITC), Vietnam remains the top supplier of white fish (mainly pangasius) to Brazil. However, Vietnam’s pangasius has to compete with not only countries that are starting to farm this fish, but also with other types of white fish such as hake (HS code 030474) or cod (HS code 030363).

Brazil is one of the important markets for Vietnam’s pangasius. In 2023, export growth to this market will drive Vietnam’s export enterprises to seize opportunities and boost exports to this country, whose middle class is growing.

Source: seafood.vasep.com.vn