Continuous Decline in US Exports
Vietnam’s pangasius exports to the United States, the country’s second largest market, have experienced a significant decline of 41.5 percent, amounting to $187.9 million this year. This downward trend has persisted for seven consecutive months, as reported by the Vietnam Association of Seafood Exporters and Producers (VASEP).
Impact of Anti-Dumping Duties
One of the primary factors contributing to the decline in pangasius exports to the US is the increase in anti-dumping duties imposed on Vietnamese products. VASEP anticipates that shipments to the US will continue to decrease following the implementation of these duties in April.
US Department of Commerce’s Investigation
During the 14th period of review, which concluded on April 29, the US Department of Commerce (DOC) established preliminary weighted-average dumping margins for Vietnamese pangasius exporters, ranging from $0 to $1.37 per kilogram. However, after completing the investigation, the DOC imposed a dumping margin of $3.87 on the Hung Vuong Group and $1.37 on five other seafood producers. The $2.39 margin was maintained for all other Vietnamese producers.
Overall Pangasius Exports
In total, Vietnam’s pangasius exports for the year amount to $1.3 billion, representing a 7.7 percent decline compared to the same period last year. Despite the challenges in the US market, there have been positive developments in other key markets.
Increase in Exports to China and the EU
Exports to China, Vietnam’s largest market for pangasius, have witnessed a significant increase of 17.2 percent, reaching $389 million. Additionally, exports to the European Union (EU) experienced growth, rising by 8.8 percent to $174.3 million.
Pangasius in Vietnam’s Seafood Export Landscape
Pangasius plays a substantial role in Vietnam’s seafood export industry. Last year, it accounted for $2.26 billion out of the country’s total seafood exports, which amounted to approximately $9 billion. Despite the current challenges in the US market, the industry continues to adapt and seek opportunities in other regions to sustain its growth.