Image: Vasep / FIS

Tuna Exports Surge in the First Month of 2024

VIET NAM
Monday, March 04, 2024, 01:00 (GMT + 9)

Since the end of 2023, Vietnam's tuna exports have tended to recover and are expected to increase again in 2024, especially in the second half of the year.

Source: Vasep. Clic on the image to enlarge

According to statistics from Vietnam Customs, in January 2024, Vietnam's tuna exports reached more than 79 million USD, an increase of 58% over the same period in 2023, because January 2023 coincided with the Lunar New Year holiday. However, if compared from 2018 back to now, sales in January 2024 are still about 46% higher than the annual average - that is really a positive signal for the opening month of the new year 2024.

Exports to all markets increased simultaneously

Source: Stockfile FIS -->

The top 10 main tuna export markets of Vietnam in January 2024 have changed, including markets: US, Israel, Russia, Canada, Japan, Italy, Germany, Netherlands, Thailand and Poland. Compared to the same period in 2023, except for Thailand, exports to the remaining markets all increased.

In the EU market, the reopening of preferential tariff quotas as agreed in the Free Trade Agreement between the EU and Vietnam (EVFTA) is creating momentum to boost export orders to this market in the first month of the year. Exports to most EU countries increased sharply. In particular, Italy continues to lead in import value in January 2024, with an increase of nearly 5 times over the same period. Along with Italy, exports to Poland and Sweden also increased dramatically.

<-- Source: Stockfile FIS

In the Middle East market, although continuing to be affected by the war between Israel and the Islamic movement Hamas, exports to some markets in this region are increasing strongly. Specifically, exports to Israel increased by 43%, Lebanon increased 13 times, Egypt increased 43%... Currently, concerns about the increasing war are increasing the demand for food products that can be stored. such as canned tuna in these markets and promote imports.

But difficulties still pile up

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Looking at the overall market and tuna industry in 2024, businesses said they are and will face many challenges and difficulties that will slow down the ability to recover production and exports.

Specifically, tensions in the Red Sea are causing many difficulties in the process of transporting export goods in general and seafood products in particular when shipping costs tend to increase. An increase in the selling price of the final product to consumers will greatly affect consumer demand. According to information from businesses, in the past month, the total freight payable for a container of goods transported to the West Coast has increased by 70%. Frozen goods exported to Europe have increased nearly 4 times. Tensions in the Red Sea also prolong transit time from Asia to Europe, difficulty in registering to charter ships, causing prolonged inventory, slow capital flow, high bank interest... All these things This will cause export businesses to face difficulties.

Source: Stockfile FIS

In addition, the barrier of the "IUU yellow card" when exporting to the EU market has not yet been removed, so businesses still encounter many difficulties when exporting to this market block.

It is expected that exports to other markets will continue to recover, but the growth rate will be slow.

Author: Nguyen Ha | Vasep (Translated from the original in Vietnamese)

editorial@seafood.media
www.seafood.media

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