After increasing imports of pangasius from the nation by 20% in January, the EU immediately reduced imports in the following two months. In February, the EU imported Tra fish products valued at US$8 million, marking an annual drop of 46%. In March the bloc imported more than 18 million tonnes, down 7% over the same period from last year.

One of the reasons behind this decrease in February was due to the Lunar New Year holiday. However, February was also the month which witnessed the lowest value of pangasius exports to this highly lucrative market over the past three years, since the beginning of 2022.

Frozen pangasius fillets remain a major Vietnamese product being exported to the EU. During the past five months of this year, the bloc bought US$67 million of frozen pangasius fillets, down 8% on-year to make up 11% of the country’s total global exports of this product, accounting for 95% of the pangasius export value to the EU.

Exports of other products such as frozen whole/cut pangasius (under code 03, except fish under code 0304) and value-added pangasius to the EU also witnessed negative growth during the reviewed period, with values ​​reaching nearly US$3 million, down 14%; and close to US$1 million, an annual drop of 34%.

The Netherlands is still the country which imports the most Vietnamese pangasius in the bloc, with an import value of nearly US$2 million being recorded in the first half of June, up 3% over the corresponding period from last year. As of the middle of June, pangasius exports to the Netherlands hit nearly US$21 million, down 9% on-year.

Along with the Netherlands, several other markets such as Germany, Spain, and Belgium recorded positive growth in terms of Vietnamese pangasius imports as of June 15, with a respective value of US$17 million, up 0.3%; US$9 million, up 27%; and US$8 million, up 10% over the same period from last year.

In the first half of the year, Vietnamese seafood exports to these markets enjoyed positive growth of 7%, with pangasius exports surging by 6% on-year.

Although pangasius export turnover to the EU market can be viewed as unstable, in general cumulative seafood exports to this market during the reviewed period still grew impressively. This is as a result of the bloc moving to increase shrimp imports from Vietnam.

The EU market is gradually stabilizing, with the economy ensuring growth and the unemployment rate at a record low.

Market prices and consumption are also gradually stabilizing, with seafood inflation continuing to drop to 2.1% in May. In the second half of this year, pangasius exports to the EU are still expected to increase again after summer vacations end in Europe.

Source: VOV