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Vietnamese pangasius exports to the US continued to surge in May helping to drive down prices to lows not seen since 2010. According to the US Department of Commerce, the US imported 18.4 million pounds of frozen pangsius fillets in May 2012 up 3 percent from April's 17.8 million pounds and an increase of 22.2 percent from a year ago. Overall, YTD pangsius imports from Vietnam sit at 86.1 million pounds an increase of 39.7 percent versus a year ago when imports were reported at 61.7 million pounds. According to industry insiders, the surge of these imports has contributed to an oversupply in US markets, and has driven down prices not seen since the end of 2010. According to Urner Barry, the average price per pound for 3-5 oz frozen pangasius fillets is $1.80, down 8.5 percent from the same time a year ago when prices were $1.969 per pound. In fact, prices of 3-5's have not been lower since October 2010's $1.74 per pound. However, these rock bottom prices have hurt the Vietnamese industry with reports that credit has dried up, denying farmers access to raw materials and preventing exporters from obtaining assets to purchase fish for export. Meanwhile, the undertone of the market continues to be weak in the US.