Vietnam’s tuna exports increase in some key markets

2023 is a challenging year for the Vietnamese tuna industry, with raw tuna prices rising and demand in major markets falling. Therefore, from the beginning of the year, Vietnam’s tuna exports have continuously declined over the same period.

According to statistics of Vietnam Customs, Vietnam’s tuna export value in June 2023 only reached nearly 65 million USD, down 28% compared to the same period in 2022. Accumulated in the first 6 months of the year, Vietnam’s tuna exports reached 382 million USD, down 31% compared to the first quarter of 2022.

Exports of high value fresh, frozen and dried tuna products are still lower than the same period last year. The export value of this product group decreased by 46% over the same period. Meanwhile, exports of processed and canned tuna products increased. By June 2023, export value of processed and canned tuna products reached nearly 175 million USD, up 4% over the same period. However, this increase is mainly due to rising prices.

Regarding the market, tuna exports to main markets such as the US, Japan, Canada, ect have not shown any signs of recovery. Meanwhile, exports to the EU, Mexico, Israel and Thailand are recording high growth over the same period.

Tuna exports to the US continue to decrease

Tuna exports to the US continued to decline in June 2023, reaching only nearly 26 million USD, down 48% over the same period. Therefore, in the first 6 months of 2023, the value of tuna exports to the US is only half of the same period last year, reaching 143 million USD.

Americans are choosing canned tuna that suits their wallets amid high inflation. Currently, the US tuna’s inventory has begun to decrease, importers are considering increasing imports again. However, currently, tuna prices in South America are lower than in Asia, which is increasing competition in this market.

Exports to the EU continue to increase

Tuna exports to the EU continued to grow in value in June 2023, up 28% to more than 12 million USD. As a result, cumulatively in the first 6 months of 2023, tuna export turnover to the EU is equivalent to that of the same period last year.

In this bloc, exports to the Netherlands have continuously grown “galloping” in the last 2 months at 3 digits. Along with the Netherlands, tuna exports to Germany are still maintaining good growth, with an increase of 30% in June. Meanwhile, exports to Belgium are still lower than the same period.

The Russia-Ukraine conflict, thrifty consumer spending, rising prices of goods, rising gasoline, and depreciation of the euro are the reasons for slow demand in this market. But preferential tariffs are an advantage that pushes EU importers to seek orders from Vietnam. However, the import quota of canned tuna, frozen steamed tuna loin is almost used up. Therefore, Vietnam’s tuna exports to the market will tend to slow down.

Exports to the CPTPP block are not promising

Tuna exports to the bloc’s two largest import markets, Japan and Canada, continued to decline in June. Meanwhile, exports to Mexico and Chile had high growth.

In Japan, after growing in the first quarter of 2023, tuna exports to this market decreased continuously in the second quarter. Particularly in June, exports to this market decreased by nearly 31%, reaching more than 3 million USD. Therefore, in the first 6 months of 2023, the export turnover to Japan decreased by 10%, reaching nearly 17 million USD. The depreciation of the yen is causing the consumption of seafood products, including tuna, to decline.

Along with Japan, tuna exports to Canada are also gloomy. Exports to this market decreased continuously. In June alone, tuna exports to here decreased by 54%.

In that context, tuna exports to Mexico and Chile increased sharply by 100% and 90% respectively.

Along with Mexico and Chile, Vietnam’s tuna exports to Israel and Thailand are also increasing at 164% and 65% respectively.

(Source: https://seafood.vasep.com.vn/)

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