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Vietnamese Pangasius Exports to the EU: Ups and Downs in the First Half of the Year and Expectations for the Second Half

Click on the flag for more information about Viet Nam VIET NAM
Tuesday, July 09, 2024, 07:20 (GMT + 9)

According to data from Vietnam Customs, in the first half of June 2024, pangasius exports to the EU reached nearly 7 million USD, up 9% over the same period. Cumulative pangasius exports to this market as of June 15, 2024, reached 77 million USD, down 6% over the same period in 2023.

The EU is one of the markets that consumes the most Vietnamese pangasius. However, in the first 5 months of this year, this market continuously increased and decreased erratically in demand for pangasius imports. After increasing imports of pangasius from Vietnam by 20% in January, the EU immediately reduced imports in the following 2 months. In February 2024, the EU imported 8 million USD, down 46% and in March 2024, imported more than 18 million, down 7% over the same period last year.

Source: Brenda Kookt

One of the reasons leading to the decrease in February 2024 is due to the Lunar New Year holiday. However, February 2024 is still the month that witnessed the lowest pangasius export value to this market in the past 3 years, since the beginning of 2022. Although still down 7% compared to the same period in 2023, However, the value of pangasius exports to the EU in March 2024 is still recorded as the highest level since April last year.

Source: Jumbo -->

Frozen pangasius fillets are still the main product of Vietnam exported to the EU. In the first 5 months of this year, the EU bought 67 million USD of frozen pangasius fillets, down 8% over the same period last year, accounting for 11% of the total value of Vietnam exporting this product to markets, and accounting for 95% of the total value of this product. Pangasius export value to the EU. Exports of other products such as frozen whole/cut pangasius (under code 03) (except fish under code 0304) and VAT pangasius to the EU also witnessed negative growth in the first 5 months of this year, with the value for the first time turn reached nearly 3 million USD, down 14%, accounting for 4% proportion; and nearly 1 million USD, down 34% over the same period, accounting for 1% proportion.

The Netherlands is still the country that imports the most Vietnamese pangasius in the bloc, with an import value of nearly 2 million USD in the first half of June 2024, up 3% over the same period in 2023. As of June 15, 2024 , Pangasius exports to the Netherlands reached nearly 21 million USD, down 9% over the same period last year.

Source: Vasep

In the first 5 months of this year, the Netherlands imported nearly 6,000 tons of pangasius from Vietnam, of which the majority were frozen pangasius fillets with skin code HS 03046200, with nearly 5,500 tons, down 25% over the same period, accounting for 92% of the proportion; Next is whole, cut, and frozen pangasius products with code HS 03032400 with nearly 400 tons, down 31% over the same period, accounting for 4% of the proportion.

In addition to the Netherlands, some other markets such as Germany, Spain, Belgium,... recorded positive growth in Vietnamese pangasius imports as of June 15, 2024, with a value of 17 million USD, an increase respectively. 0.3%; 9 million USD, an increase of 27% and 8 million USD, an increase of 10% over the same period last year.

It is forecasted that in the first 6 months of the year, Vietnam's seafood exports to markets will still grow positively by 7%, of which pangasius exports will increase by 6% over the same period. Although pangasius export turnover to the EU is unstable, in general, cumulative seafood exports to this market in the first 6 months of this year still grew impressively, due to the EU increasing shrimp imports from Vietnam. The EU market is gradually stabilizing, with the economy ensuring growth and the unemployment rate at a record low. Market prices and consumption are also gradually stabilizing, seafood inflation continues to decrease to 2.1% in May. In the second half of this year, pangasius exports to the EU are still expected to increase again after the holiday summer in Europe.

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



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