Image: Stockfile FIS

Pangasius is the seafood product that Brazil imports the most from Vietnam

In February 2024, Vietnamese pangasius exports to Brazil reached 6 million USD, down 6% compared to the same period in 2023.

According to data from Vietnam Customs, by the end of February 2024, cumulative exports of Vietnamese pangasius to Brazil still increased by 42% and reached 20 million USD thanks to a sharp increase in export turnover in the previous month. In February 2024, both Vietnam and Brazil will have the Lunar New Year holiday, so Vietnamese pangasius exports to Brazil will decrease slightly.

Source: Vasep

In February 2024, Brazil ranked 5th in the top markets consuming the most Vietnamese pangasius after China & Hong Kong, the US, CPTPP and the EU. This Latin American country mainly imports frozen pangasius fillets from Vietnam. Brazil is a country with a growing middle class. Therefore, this market still has a lot of room for Vietnamese enterprises to export value-added products. Especially in the context that Vietnam and Brazil are preparing to celebrate the 30th anniversary of establishing diplomatic relations, the field of agricultural trade cooperation will also be promoted.

Source: Stockfile FIS -->

The top enterprises exporting Vietnamese pangasius to Brazil in February 2024 are still Hung Ca 2 Development Company, accounting for 34% of the total pangasius export turnover to this market. Behind Hung Ca 2, the top 5 enterprises exporting pangasius to Brazil include: Hoang Long Seafood accounts for 14%, Fresh and Frozen food Vietnam accounts for 12%, Nam Viet accounts for 11%, Go Dang accounts for 9%.

According to data from the International Trade Center (ITC), in 2023, although the export price of Vietnamese white meat fish (mainly pangasius) to this country decreased, the import volume increased, showing demand for consumption. Pangasius consumption in Brazil is still good. In January 2024, Brazil imported more than 41 million USD of white meat fish from the world, of which 17 million USD was imported from Vietnam (mainly pangasius). Vietnam is still the largest source of whitefish for Brazil.

The FOB price of pangasius exports to Brazil in February 2024 was at 2.67 USD/kg, down 12% compared to the same period in 2023. This is the lowest price in the past 3 years since 2022. However, , the volume of pangasius exports to this market followed the opposite trend, increasing by 23%.

Source: Stockfile FIS

Brazil is applying additive and phosphate standards and testing additive criteria for Vietnamese pangasius that are not consistent with international practices and market response. Recently, a representative of the Ministry of Agriculture and Rural Development of Vietnam had a working session with a representative of the Brazilian Ministry of Agriculture and Livestock. Vietnam's Ministry of Agriculture and Rural Development proposed that Brazil reconsider this regulation and change administrative procedures related to product label registration and additional recognition and handling of the list of Vietnamese enterprises allowed to export agricultural products. products to Brazil with faster progress.

Author: Thu Hang | Vasep (Translated from the original in Vietnamese)

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