VASEP stated that the decline in pangasius exports to the EU market in the last quarter of the year was slighter than previous quarters; and yet, would not recover the same volume of the same period last year
According to data by the General Department of Vietnam Customs, as of October 15, the EU market imported over $134 million worth of Vietnamese pangasius, a 19% y-o-y decrease.
The EU is forecasted to achieve its target of reducing inflation to 2% despite difficulties arising from the cost-of-living crisis and concerns about lower global demand.
“The EU is well managing the impacts of conflicts in Ukraine; however its economy may be affected by the current Hamas-Israel conflict. As a result, pangasius exports to the EU in the final quarter of this year might decrease compared to previous quarters, although it might not recover to the level of the same period last year”, anticipated VASEP.
After months of decline, Vietnam’s pangasius exports to the EU showed positive growth in September, reaching over $14 million, an 11% y-o-y increase.
In the third quarter, the EU spent $50 million worth buying Vietnamese pangasius, a 17% y-o-y decrease. The Netherlands remains the largest market of Vietnamese pangasius among the EU countries, with over $10 million worth recorded, up 9% from the third quarter of 2022.
The demand for Vietnamese pangasius in the Netherlands is gradually recovering, with a positive growth for the first time of the year in July (up 13%) and September (up 26%), although it slightly declined by 4% in August.
Following the Netherlands, Germany, Belgium, Spain, Italy, and France are also significant importers of Vietnamese pangasius within the EU.
The average export price of Vietnamese pangasius to the EU in the first nine months of 2023 was $2.8/kg, a 10% y-o-y decrease. Although the average price in the third quarter slightly rose as compared to the second quarter, it still experienced a 16% y-o-y decrease.
VFM
