Vietnam’s exports of frozen tuna meat/loin continue to surge

Vietnam’s exports of frozen tuna meat/loin have continuously grown during the first eight months of 2024. Notably, in August 2024, the export value of frozen tuna meat/loins hit a year-to-date high, exceeding $51 million, up 19% compared to the same period.

Among the various exported tuna products, frozen tuna meat/loin under HS code 0304 consistently holds the highest proportion. These products include frozen tuna loin, tuna steak, and tuna saku.

Vietnam’s frozen tuna meat/loin products have been exported to over 70 markets worldwide, with the United States, the European Union, Russia, Canada, and Israel being the top five import markets. Exports of frozen tuna meat/loin from Vietnam to all five of these markets have seen an increase compared to the same period last year.

Exports of frozen tuna meat/loin to the US have experienced continuous growth since the beginning of the year, peaking in August at more than $23 million. Accumulated in the first eight months of 2024, exports to this market reached $137 million, up 15% compared to the same period in 2023. However, the growth rate of exports to this market is slowing down towards the end of the year.

Exports to the EU in the first eight months of 2024 reached $55 million, up 9% compared to the same period in 2023. The Netherlands, Lithuania, and Belgium are the three largest importers of this product group from Vietnam in the EU. Among these markets, the Netherlands stands out, with its imports from Vietnam showing triple-digit growth over several months. Accumulatively, Vietnam’s export value of frozen tuna meat/loin to the Netherlands surged by 68%, reaching nearly $18 million in the first eight months of 2024.

According to enterprises, tariff preferences under the EVFTA agreement have been instrumental in driving exports of these products to the EU. However, rising transportation costs due to tensions in the Red Sea region have greatly affected the export of this product group.

A notable development in the first eight months of this year is the significant increase in exports to Russia. As of the end of August 2024, exports of frozen tuna meat/loin to this market have increased by 80%, reaching nearly $18 million. This figure has made Russia the second largest single importer of frozen tuna meat/loin from Vietnam, after the US. With tariff preferences and efficient transportation systems, Russia is emerging as a promising market for Vietnamese tuna during this period.

(Source: https://vietfishmagazine.com/)