April 2024: Many positive signals from tuna export markets

Tuna exports with HS code 16 are increasing

In the past 5 years, Vietnam's processed and canned tuna exports have tended to increase. In the first 4 months of the year alone, the export turnover of this product group increased from 91 million USD in 2020 to 154 million USD in 2024, an increase of 70%. In particular, Vietnam's canned tuna exports are gradually recovering, higher than the same period in 2019 before the COVID-19 pandemic.

On the contrary, exports of fresh and frozen tuna, mainly frozen tuna meat or loin with the HS code 0304, are unstable. After peaking in 2022, exports of this product group decreased sharply. Entering 2024, exports of product groups have increased again, but the increase is not high—up 6% over the same period.

According to experts' forecasts, convenience is key for shoppers, and value-added seafood that is pre-marinated or ready to heat and eat will continue to attract buyers looking to create combination meals to combine cooking with prepared dishes. Therefore, consumption demand for processed and canned tuna products will improve in the near future.

Exports to major markets accelerated

In April 2024, Vietnamese tuna products were exported to more than 90 markets. In particular, tuna exports to main markets such as the US, EU, Israel, Canada, Japan, or Mexico all increased faster.

In the US and EU markets, Russia, and Korea, the export growth rate in April 2024 compared to the same period doubled compared to the previous month, reaching 37%, 71%, 32%, and 158%, respectively. Notably, in the EU market, exports to the three leading markets, Italy, Germany, and the Netherlands, all grew "gallopingly" at three digits.

Along with that, tuna exports to some markets have reversed and increased, such as Japan, which increased by 33%, and Mexico, which increased by 43%.

However, according to businesses, this growth is due to a decrease in inventory in the markets, but actually market demand is still better.