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Image: Vasep / FIS

Tuna exports reached their highest level since the beginning of the year

Click on the flag for more information about Viet Nam VIET NAM
Friday, September 22, 2023, 07:00 (GMT + 9)

In August 2023, Vietnam's tuna exports reached more than 87 million USD, down 5% over the same period last year. This is the lowest decrease and the highest value since the beginning of this year. Cumulatively in the first 8 months of this year, tuna exports reached 545 million USD, down 25% over the same period.

Currently, the export value of Vietnam's tuna product groups increased over the same period, except for frozen tuna meat/loin code HS0304. Compared to the same period last year, Vietnam's frozen tuna meat/loin exports decreased by 42%, reaching nearly 281 million USD.

Source: Vasep

In August this year, tuna exports to main markets had many fluctuations. The highlight in August was the growth of the US market after a period of continuous decline. Tuna exports to the US in August increased slightly by 2% over the same period. This growth is due to Vietnam's canned tuna exports increasing by 24% in August. But because the increase is not much, cumulatively in the first 8 months of 2023, tuna exports to the US still decrease by nearly 45% compared to the same period last year. period, reaching nearly 208 million USD.

Along with the US, exports to the EU continued to accelerate, with an increase of 37% in August. Notably, in August, tuna exports to Italy increased 45 times over the same period. Along with Italy, tuna exports to Germany and the Netherlands are still increasing, but the growth rate is slowing down.

Source: Stockfile FIS

Tuna exports to other small main markets are also growing well in August, including Thailand and the Philippines.

On the contrary, exports to Israel, after a period of good growth, decreased sharply in August, down 57%. Exports of processed and canned tuna products to this market decreased sharply by 82% over the same period. However, thanks to good growth, cumulatively in the first 8 months of 2023, tuna exports to Israel still increased by 50%.

Source: Stockfile FIS

In the CPTPP market block, exports to member markets have not yet shown signs of improvement. Exports to Japan, Canada and Mexico all fell sharply in August by 53%, 49% and 14% respectively.

Up to now, Vietnam's tuna exports are gradually narrowing the decrease compared to the same period last year. However, the ability to restore exports to key markets such as the US, Japan or Canada to the level of the same period last year is very difficult. But according to information from businesses, the markets are gradually recovering. Falling prices of raw tuna in the world are boosting importers' demand at the end of the year. Therefore, it is expected that tuna exports in the coming months will return to a level equivalent to the same period in 2022.

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



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