Vietnam's pangasius exports to the EU show positive signs

The Netherlands remains the largest consumer market for Vietnamese pangasius in the EU, with an export value of more than 2 million USD, up 74% over the same period. As of August 15, 2024, pangasius exports to this market reached nearly 30 million USD, down 1% over the same period last year, mainly due to declines in February and May 2024. The first half of August 2024 recorded a double-digit increase, and it is forecasted that in August 2024, the export value of pangasius to this market will grow again.

In addition to the Netherlands, Germany also reduced imports of Vietnamese pangasius in July 2024. The decline in January, February, March, and July 2024 caused the cumulative pangasius exports to Germany in the first 7 months of this year to decrease slightly by 1%. However, in the first half of August 2024, pangasius exports to Europe's largest economy reached nearly 2 million USD, an increase of 183% over the same period in 2023. As of August 15, 2024, Vietnam exported a total of nearly 22 million USD of pangasius to Germany, an increase of 4%.

After Belgium, Spain ranks 3rd in the EU in terms of consuming the most Vietnamese pangasius. In the first half of August 2024, pangasius exports to this market reached nearly 1 million USD, up 15% over the same period. Cumulative exports to Spain as of August 15, 2024, reached more than 11 million USD, up 14% over the same period last year. Pangasius exports to Spain have been unstable since the beginning of this year. In July 2024, pangasius exports to this market reached the lowest level since the beginning of 2024, with more than 917 thousand USD, down 48% compared to July 2023.

As of August 15, 2024, Belgium was the 4th largest consumer of Vietnamese pangasius in the EU, with an export value of more than 11 million USD, up 10% over the same period last year. After reducing imports in February and March 2024, pangasius exports to Belgium are assessed to be stable in the following months, with continuous double-digit positive growth.

In terms of product structure, pangasius exports to the EU in the first 7 months of this year decreased by 21% compared to the same period and reached only nearly 2 million USD. In the first 7 months of this year, only March, May, and June recorded positive growth. The remaining months all witnessed a decrease of 38%-94%; Exports of dried fish and other frozen products in the first 7 months of this year to the EU also decreased by 5%, reaching nearly 4 million USD. The main pangasius product exported by Vietnam to this market is still frozen fillets, with the export value in the first 7 months of this year reaching more than 93 million USD, down 2% compared to the same period last year.

Despite the ups and downs in the first half of the year, Vietnam’s pangasius exports to the EU still have reason to be optimistic in the second half of the year as the year-end holidays approach, the European economy ensures growth, and unemployment is at a record low. Market prices and consumption are also gradually stabilizing, and pangasius exports to the EU are still expected to increase again after the summer holidays in Europe.