The EU is one of the largest markets for Vietnamese pangasius, however, since the beginning of the year, export growth has been unstable.
According to Vietnam Customs data, in the first half of June 2024, Pangasius export 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 largest markets for Vietnamese pangasius. However, in the first 5 months of this year, this market has continuously fluctuated in demand for imported pangasius. 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, it imported more than 18 million, down 7% compared to the same period last year.
One of the reasons for the decline in February 2024 was due to the Lunar New Year holiday. However, February 2024 was still the month that witnessed the lowest export value of pangasius to this market in the past 3 years, since the beginning of 2022. Although still down 7% compared to the same period in 2023, the export value of pangasius to the EU in March 2024 was still recorded as the highest level since April last year.
Frozen pangasius fillets are still Vietnam's main export item to the EU. In the first 5 months of this year, the EU bought 67 million USD worth of frozen pangasius fillets, down 8% compared to the same period last year, accounting for 11% of the total value of Vietnam's exports of this product to markets, and accounting for 95% of the value. Pangasius export to EU.
Exports of other products such as frozen whole/cut pangasius (code 03) (except for fish code 0304) and value-added pangasius to the EU also witnessed negative growth in the first 5 months of this year, with the value reaching nearly 3 million USD, down 14%, accounting for 4% of the proportion; and nearly 1 million USD, down 34% over the same period, accounting for 1% of the proportion.
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, 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.
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 HS code 03046200, with nearly 5,500 tons, down 25% over the same period, accounting for 92% of the proportion; followed by frozen whole, cut, and butterfly-cut pangasius products HS code 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, etc. recorded positive growth in Vietnamese pangasius imports as of June 15, 2024, with values reaching 17 million USD, up 0.3%; 9 million USD, up 27% and 8 million USD, up 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 tra fish exports will increase by 6% over the same period. Although the export turnover of tra fish to EU market unstable, however, in general, the 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 unemployment at a record low. Market and consumer prices are also gradually stabilizing, with seafood inflation continuing to fall 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 summer holidays in Europe.
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