In August 2023, Vietnamese pangasius exports to Germany reached more than 2 million USD, down 18% over the same period last year. This is also the third consecutive month that Vietnamese pangasius exports to Germany recorded negative growth.
By the end of August 2023, Germany still maintained the No. 2 position in the EU market in importing Vietnamese pangasius after the Netherlands, contributing 20% of the value to the EU's total imports.
Previously, in the first 5 months of this year, Germany was always among the top markets maintaining increased imports of Vietnamese pangasius despite world fluctuations. Germany is also one of the few markets that recorded double-digit growth from 20% - 84% in the first 5 months of this year while most pangasius exports to other markets decreased. Notably, in March 2023, Vietnamese pangasius exports to Germany increased 2.3 times compared to March 2022, this is also the highest increase since the beginning of this year.
Pangasius exports to Germany started decreasing from June 2023
Pangasius exports to Germany started decreasing from June 2023. In July and August 2023, pangasius exports to Germany also decreased by 28% and 18% respectively compared to the same period last year.
Like other markets in the EU, Germany imports mainly frozen pangasius fillets and cuts (HS0304). In the first 6 months of this year, the top enterprises exporting pangasius to Germany include: Vinh Hoan accounts for 20%, GODACO accounts for 13%, Hung Ca accounts for 11%, Hung Ca 2 accounts for 9%, DATHACO accounts for 9%, Van Duc accounts for Tien Giang accounts for 7%,…
The German economy is facing many difficulties. It is forecast to fall into recession this year. According to forecasts of the Organization for Economic Cooperation and Development (OECD), Germany will be the only major economy in the G7 group to have negative growth in 2023. Inflation in Germany is currently at 6.5% in the month July 2023 and will likely continue to stand at a high level for a long time before dropping to the 2% target set by the ECB, despite energy prices cooling down. So it is expected that in the next months, Vietnamese pangasius exports to Germany will not increase yet.
Compiled by Thuy Linh
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