Tuna exports hit USD 728 million in 9 months

In September, tuna exports continued to grow, although the growth rate slowed, increasing by 12% compared to the same period last year. For the first nine months of 2024, tuna exports reached over USD 728 million, reflecting an 18% rise compared to 2023.

Israel has emerged as a standout market with triple digit growth rates, experiencing a 125% surge in September. However, this market shows volatility due to political instability. By the end of September 2024, exports to Israel had risen by 52%, reaching nearly USD 53 million.

Tuna exports to the US and EU have also grown in September. In the US, Vietnam’s tuna export has experienced a slower pace compared to first half of the year with export value grew just by 6%. Over the first nine months of 2024, Vietnam’s tuna export to the US saw a 16% increase, totaling over USD 275 million.

In the EU, after a decline in August, exports rebounded in September with a 16% growth rate. Over the first nine months, exports to the EU rose by 21%. Meanwhile, the shipments to Italy, Vietnam’s largest EU market saw a significant drop in September.

Notably, exports to Japan increased by 22% in September. Exports to Japan have been fluctuating as of the second half of this year.  By the end of September 2024, export value grew lightly 2% y-o-y, reaching over USD 24 million.

Global shipping rates have dropped across all major routes, particularly on the Asia-US West Coast and Europe routes, offering a positive outlook for export businesses heading into the year’s end. However, challenges remain due to domestic raw material shortages and the potential impact of the Israel-Iran conflict, which are likely to constrain tuna export growth in the last quarter of 2024.

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