20-fold rise in Vietnam exports of processed tuna to Italy

In Jan-Sep 2016, Vietnam's tuna exports to the EU amounted to nearly US$74 million, down 3.3% over the same period last year. Top 3 leading importers of Vietnam tuna in the bloc including Italy, Germany and Belgium accounted for 12% of Vietnam tuna exports and accounted for 57% of Vietnam tuna exports to the EU. Particularly in QIII/2016, shipments to these markets made up 61% of Vietnam tuna exports to the EU.

Of that, Vietnam tuna exports to Italy registered the sharp increases of 155% in QIII/2016 and 116% in the first 9 months of 2016. In QIII/2016, exports to this market represented 6% of Vietnam tuna exports and picked up 33% of Vietnam tuna exports to the EU. The figure in the first 9 months of the year was 6% and 28%, respectively.

Sales of frozen tuna took up 74% of Vietnam's tuna exports to Italy and those of processed tuna, mainly steamed tuna loins occupied the rest.

Italy claimed as the second largest buyer of Vietnam’s frozen tuna, behind the U.S, accounting for 7% of total exports for this item. This year, Vietnam boosted exports of frozen tuna to the U.S. with the value of US$15 million (Jan-Sep 2016), up 64% year on year.

Besides, Italy ranked the 6th in the top 10 importing markets of Vietnam processed tuna. Exports to the market gained over US$5 million in the period, up 20 times over the same period last year and accounted for 4% of Vietnam's processed tuna exports.

Italy is one of the biggest markets in the world for tuna consumption and stays as the 2nd largest tuna producer behind Spain with the market value of EUR1.1 billion/year. In 2015, its domestic consumption of tuna touched 147 thousand MT, up 2% and equal to 2.4 kg/person. Meanwhile, the country's tuna production reached 67,300 MT, up 1%.

Italy's tuna exports totaled 22.6 thousand MT, increasing by 9%, while imports reached 86 thousand MT, decreasing by 12%. About 94% of Italy’s population consumes tuna and 43% of them eat tuna weekly. For those who play sports in Italy, tuna is in top 5 favorite foods along with white meat, beans, yogurt and dried beef.

In the fist half of this year, tuna imports into Italy reached US$421 million, going up 2.7%. Of that, imports of frozen fish hit US$71.5 million, rising by nearly 17%, accounting for over 17%; whereas those of canned/processed tuna touched nearly US$350 million, climbing by 0.2%, accounting for 83%.

Vietnam mainly ships frozen yellowfin tuna (HS code 030487) to the market, ranked the 1st in top suppliers of this item to Italy, accounting for 28%. This will remain as a strong segment of Vietnam in the coming time, when the EVFTA takes effect and then imports of frozen tuna are subject to the duty of 0%.

If it keeps the growth rate as in the first 9 months of the year, Vietnam’s tuna exports to Italy in QIV/2016 expected to gain US$6 million, up 120% year on year. Therefore, total tuna exports to this market in 2016 estimated at US$26.6 both million, up 118% compared to 2015. In particular, exports of frozen tuna estimated at US$20 million, and those of processed tuna was about US$6.6 million.

Written by Le Hang

Compiled by Dieu Thuy