Vietnamese pangasius exports to the EU decrease by 13% in Q1/2024

According to data from Vietnam Customs, in the first half of April 2024, Vietnam’s pangasius exports to the EU reached nearly USD 9 million, a decrease of 14% compared to the same period in 2023. The cumulative exports of pangasius to this market by April 15, 2024, amounted to USD 47 million, down 13% y-o-y.

In Q1/2024, Vietnam’s pangasius exports to the EU market totaled nearly USD 39 million, down 13% from the same period in 2023. Notably, the highest export value was recorded with over USD 18 million, though this still represented a 7% drop compared to the previous year. Earlier in January 2024, pangasius exports to this market saw a positive growth of 20%, reaching nearly USD 13 million, before declining consecutively in February and March 2024.

Frozen pangasius filets remained the main export product to the EU throughout Q1/2024, accounting for 95% of the total share, with the export value decreasing by 12% year-over-year. The export value of processed pangasius products (HS code 16) and whole frozen pangasius also declined by 50% and 13%, respectively, compared to Q1/2023.

Vietnam saw a decline in pangasius exports to most EU markets, by 2%-100%. The Netherlands was the largest importer of Vietnamese pangasius in the first quarter of this year, with nearly USD 11 million in imports, down 10% from the same period last year.

Apart from the Netherlands, exports to Germany also experienced a decrease by 30%, 50%, and 9% respectively over the first three months of this year. The cumulative exports to this market in Q1/2024 reached USD 8 million, down 29% compared to Q1/2023.

Although the volume of pangasius exports to the EU increased by 26% in Q1/2024, the low average export price led to a continuous decline in total export value inl months. According to Vietnam Customs, the Netherlands and Germany remain the key destinations for Vietnamese pangasius in the EU bloc.

The average export price of pangasius to the EU in the first three months of this year decreased compared to the same period last year. In fact, it has slightly decreased since the last quarter of 2023 and then stabilized at USD 2.28 per kilogram in the last months of the year and maintained this price in January 2024. In February 2024, the export price to the EU slightly increased compared to the previous month, but still fell by 9% compared to USD 2.74 per kilogram in the same period last year. In March 2024, this price slightly decreased compared to February 2024 and dropped by 11% from 2.74 USD/kg in the same period last year.

(Source: https://vietfishmagazine.com/)