According to data from the Vietnam Customs, in the first half of June 2024, pangasius exports to the EU reached nearly 7 million USD, an increase of 9% compared to the same period. The cumulative pangasius export to this market by June 15, 2024, reached 77 million USD, a decrease of 6% compared to the same period in 2023.
The EU is one of the largest consumers of Vietnamese pangasius. However, in the first five months of this year, this market experienced fluctuating demand for pangasius imports. After increasing imports by 20% from Vietnam in January, the EU immediately reduced imports in the following two months. In February 2024, the EU imported 8 million USD, a decrease of 46%, and in March 2024, imports amounted to more than 18 million USD, a decrease of 7% compared to the same period last year.
One of the reasons for the decline in February 2024 was due to the overlap with the Lunar New Year holiday. Nevertheless, February 2024 still witnessed the lowest pangasius export value to this market in the past three years, since the beginning of 2022. Although it still decreased by 7% compared to the same period in 2023, the pangasius export value to the EU in March 2024 was still the highest since April last year.
Frozen pangasius fillet remains Vietnam’s main export product to the EU. In the first five months of this year, the EU purchased 67 million USD worth of frozen pangasius fillet, a decrease of 8% compared to the same period last year, accounting for 11% of the total export value of this product from Vietnam to all markets, and 95% of the export value of pangasius to the EU. Exports of other products such as whole or cut frozen pangasius (code 03) (except for fish under code 0304) and value-added pangasius to the EU also experienced negative growth in the first five months of this year, with values reaching nearly 3 million USD, down 14%, accounting for 4%, and nearly 1 million USD, down 34% compared to the same period, accounting for 1%.
The Netherlands remains the largest importer of Vietnamese pangasius in the bloc, with an import value of nearly 2 million USD in the first half of June 2024, an increase of 3% compared to the same period in 2023. By June 15, 2024, pangasius exports to the Netherlands reached nearly 21 million USD, a decrease of 9% compared to the same period last year.
In the first five months of this year, the Netherlands imported nearly 6,000 tons of pangasius from Vietnam, mostly frozen pangasius fillet with skin (HS code 03046200), with nearly 5,500 tons, a decrease of 25% compared to the same period, accounting for 92%, followed by whole, cut, butterfly-cut frozen pangasius (HS code 03032400) with nearly 400 tons, a decrease of 31% compared to the same period, accounting for 4%.
Besides the Netherlands, some other markets like Germany, Spain, and Belgium recorded positive growth in pangasius imports from Vietnam by June 15, 2024, with values reaching 17 million USD, an increase of 0.3%; 9 million USD, an increase of 27%, and 8 million USD, an increase of 10% compared to the same period last year.
It is forecasted that in the first six months of the year, Vietnam’s seafood exports to all markets will still grow positively by 7%, with pangasius exports increasing by 6% compared to the same period. Although pangasius export turnover to the EU is not stable, overall, the cumulative seafood exports to this market in the first six months of this year still show impressive growth, due to increased shrimp imports from Vietnam. The EU market is gradually stabilizing, with the economy ensuring growth, unemployment rates at record lows. Market prices and consumption are also gradually stabilizing, with seafood inflation continuing to decrease to 2.1% in May. In the second half of this year, pangasius exports to the EU are expected to increase again after the summer holidays in Europe.
VFM
