According to data from Vietnam Customs, in the first half of April 2024, Vietnamese pangasius exports to the EU reached nearly 9 million USD, down 14% compared to the same period in 2023. Cumulative pangasius exports to this market block as of April 15, 2024 reached 47 million USD, down 13% over the same period.

In 2023, Vietnamese pangasius exports to the EU will continue to increase and decrease erratically. After a continuous decline in previous months, pangasius exports to the EU increased slightly in September and October 2023, and continued to decrease in the last 2 months of 2023.

In the first quarter of 2024, the export value of Vietnamese pangasius to the EU market reached nearly 39 million USD, down 13% compared to the same period in 2023. In particular, March 2023 recorded the highest export value of more than 18 million USD, but still decreased by 7% over the same period. Previously, Vietnam's pangasius export turnover to this market block in the first month of this year recorded a positive growth of 20%, with nearly 13 million USD, before decreasing continuously in February 2024 and March 2024.

In the first quarter of 2024, frozen pangasius fillets are still the main export product to the EU, accounting for 95% of the proportion, with export value decreasing by 12% over the same period. Export turnover of processed pangasius products (code HS16) and whole frozen pangasius to the EU also decreased by 50% and 13% respectively compared to QI/2023.

Vietnam's pangasius exports to most markets in the EU have decreased by 2% - 100%. The Netherlands was the market consuming the most Vietnamese pangasius in the first quarter of this year, with nearly 11 million USD, down 10% over the same period last year.

Besides the Netherlands, pangasius exports to Germany in QI/2024 also witnessed negative growth in the first 3 months of this year. Specifically, in the first 3 months of this year, Germany reduced pangasius imports by 30%, 50% and 9% respectively. Cumulative pangasius exports to this market in QI/2024 reached 8 million USD, down 29% compared to QI/2023.

In QI/2024, although the volume of pangasius exports to the EU still increased by 26%, the average export price was low, leading to the total export value continuously decreasing for many months. According to data from Vietnam Customs, the Netherlands and Germany are still two key markets for pangasius exports to the EU.

In the first half of 2024, Germany surpassed the Netherlands to become the market consuming the most Vietnamese pangasius in the EU with 2.4 million USD, an increase of 62% over the same period. However, as of April 15, 2024, total pangasius export turnover to this market still decreased by 19% compared to the same period in 2023. From 2023, Germany shows uncertainty in the growth trend when the country also erratically increases and decreases its demand for pangasius imports from Vietnam.

The average price of pangasius exports to the EU in the first 3 months of this year decreased compared to the same period last year. Since the last quarter of 2023, the export price of Vietnamese pangasius to the EU decreased slightly, then stabilized at 2.28 USD/kg in the last month of the year and maintained this price level in the first month of 2024. In February 2024, the price of pangasius exports to the EU increased slightly compared to the previous month, but still decreased by 9% compared to 2.74 USD/kg in the same period last year. In March 2024, this price decreased slightly compared to February 2024 and decreased by 11% compared to 2.74 USD/kg in the same period last year.

EU economic recovery and growth in 2024 will not be easy given the increasingly tense developments of the Russia-Ukraine conflict; and conflict in the Middle East with its destabilizing and risky impacts on the economic prospects of this Union. Seafood exports to the EU, including pangasius, will be affected by the global recession. Vietnamese export enterprises need to take full advantage of the incentives and advantages that the Vietnam-EU Free Trade Agreement (EVFTA) brings to participate more deeply in the EU market. At the same time, meeting the green standards of this market block on environmental protection and sustainable development are also important factors for Vietnamese enterprises to penetrate deeper into the EU.

Source: VASEP