US pangasius imports down in 2023, but continuation of China trade war could present opportunity

Frozen Whole Catfish

Seafood

United States

Market & Price Trends

Published Feb 1, 2024

Tridge summary

U.S. imports of pangasius, a type of catfish, saw a significant decline in 2023, likely due to a price increase in 2022 caused by rising freight costs and changes in import controls. The ongoing U.S.-China trade war, however, presents a growth opportunity for the pangasius market as it impacts the tilapia trade, with buyers considering sourcing from other countries like Vietnam. Despite the decline, Vietnam, accounting for 45% of the world's pangasius production, is diversifying its business with China to hedge against U.S. protectionist measures.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

U.S. pangasius imports fell significantly in 2023, potentially due to its price rising beyond USD 3.50 (EUR 3.22) per pound in April 2022.The price of 5- to 7-ounce frozen pangasius fillets is now below USD 2 (EUR 1.84) per pound, but year-to-date imports through November 2023 have cratered at 166 million pounds, down from 284 million pounds for all of 2022. Pangasius had been on an upward trajectory in the U.S., which imported 110 million pounds in 2019, 128 million pounds in 2020, and 235 million pounds in 2021.“It has been a pretty significant retreat,” Maritime Products International President Matthew Fass said at the 2024 Global Seafood Market Conference in Orlando, Florida, U.S.A. on 25 January.The pricing peak in 2022 can be directly attributed to rising freight costs in 2021 and 2022, Fass said.“But from where we were one year ago, pricing has fallen about 20 to 25 percent,” he said. Urner Barry Seafood Market Reporter Lorin Castiglione said the U.S. tilapia market has ...

Source: Seafoodsource