Pangasius exports to the EU has mixed trend in H1/2024

According to data from Vietnam Customs, in the first half of June 2024, Vietnam 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 two months. In February 2024, the EU imported 8 million USD, down 46%, and in March 2024, it imported more than 18 million, down 7% over the same period last year.

One of the reasons leading to the decrease in February 2024 was due to the Lunar New Year holiday. However, February 2024 was 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, the value of pangasius exports to the EU in March 2024 was still recorded as the highest level since April last year.

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 exports its value to the EU. Exports of other products such as frozen whole or cut pangasius (HS code 03) (except fish under HS code 0304) and high-value pangasius to the EU also witnessed negative growth in the first 5 months of this year, with the value for the first time reaching nearly 3 million USD, down 14%, accounting for a 4% proportion, and nearly 1 million USD, down 34% over the same period, accounting for a 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: https://seafood.vasep.com.vn/)