Vietnam increases exports of frozen steamed tuna loin

In 2022, the price of transportation, vegetable oil, and steel soars have skyrocketed, pushing up the price of finished canned tuna. This has caused the import demand of canned tuna to decline and countries tend to increase imports of frozen tuna loins for domestic production to reduce costs. This has affected the structure of Vietnam's export tuna products.

Besides, from the end of 2022 until now, the price of whole fresh/frozen tuna on the world market has remained high, due to the low catch in the sea. Therefore, the market demand for whole tuna imports in the first month of 2023 is low. Moreover, the preferential tariff quotas for the group of frozen steamed tuna loins under free trade agreements such as the EVFTA, the CPTPP boosted export orders.

Exports of processed tuna products HS code 16, mainly frozen steamed tuna loin, increased by 25% over the same period in 2022 

According to statistics of Vietnam Customs, Vietnam's exports of other processed tuna products HS code 16 have grown continuously from August 2022 until now.

This growth is thanks to the promotion of other processed tuna exports to key markets. The top 10 largest import markets accounted for 93% of the total export value of this product group in January.

In January 2023, tuna exports to main import markets such as the US, Japan, Egypt and Australia decreased over the same period. However, Vietnam's other processed tuna exports to Israel increased at a "galloping" rate of 2,283% over the same period. With this growth rate, Israel from the 10th position in the top of other processed tuna import markets of Vietnam in January 2022 has risen to become the second largest importer.

Along with Israel, Vietnam's other processed tuna exports to other main markets such as Peru, Canada, Thailand, Korea, Italy, Mexico or Chile all increased over the same period.

Currently, the price of whole tuna in the world market has not shown any signs of cooling down. The preferential tariff quotas are gradually used up. All of these are expected to further boost exports of processed tuna products, especially frozen steamed tuna loins in the first three months of 2023.

Compiled by Thuy Linh