Pangasius exports to the EU forecast to hit over 200 million USD in 2022

Pangasius exports to the EU forecast to hit over 200 million USD in 2022. (Photo: VNA)

Notably, all markets in the EU strongly increased imports of Vietnamese pangasius with the lowest growth rate being 25% and the highest rate being 6-fold increase compared to the same period last year.

The Top 5 largest markets in the bloc include the Netherlands, up 72% and accounting for 30% of pangasius exports to the EU; Germany, up 107% and accounting for 12%; Spain, up 75% and accounting for nearly 10%; Belgium, up 92% and accounting for 9.7%; and Italy, up 90% and accounting for nearly 8%.

More than 93% of pangasius export value to the EU is from frozen pangasius fillets (coded HS 0304) at 113.5 million USD, up 94% over the same period last year. Cut-into-piece frozen pangasius products (coded HS 0303) account for about 4.4%, the rest is processed pangasius, accounting for 1.6%.

According to VASEP, in 2022, the demand of markets will explode after 2 years of suppression, and domestic production is not enough to meet it. Lack of raw white fish in the context of record inflation in the EU offers great opportunity for Vietnamese pangasius products. The EVFTA preferential tariff will promote more advantages for Vietnamese pangasius to the EU in 2022.

The EU used to be Vietnam’s largest pangasius import market with peak sales of 511 million USD in 2010, accounting for 36% of Vietnam’s pangasius exports. Vietnamese pangasius also accounted for 22% of the market share of white fish imported to the EU at that time.

With market opportunities and advantages from the EVFTA Agreement, it is forecasted that pangasius exports to the EU will continue to grow at a high rate in the second half of the year and will reach 200 million USD in 2022, a year-on-year increase of 90%./.