(vasep.com.vn) Data from General Customs revealed that Vietnam tuna exports from January to February 2015 reached US$ 63.2 million, down 13.5% year on year.
Exports to major markets decline but growth was witnessed in ASEAN markets. Processed tuna made up 50% of total tuna exports, up from 38% of the same period last year.
Exports of most tuna products reduced, including tuna live / fresh / frozen / dried which decreased by 46%. Canned tuna exports fell by 3% and tuna loins downed by 13%. Exports of other processed tuna products grew strongly by 36%.
The US, EU, ASEAN, Japan, Israel, Libya, South Korea and Taiwan were top 8 importing markets, accounting for 81% of total tuna exports from Vietnam. Among these, ASEAN was the only market that found increase in tuna imports from Vietnam.
Vietnam's tuna exports decreased due to lower tuna price, the depreciation of the euro, reduced market demand and competition.
From a high of US$ 2,400/MT in October 2012, skipjack price in Bangkok plummeted by 58% to US$ 1,000/MT. Harvest in Central Western Pacific increased also making prices lower. Lower fish prices coupled with supply surplus resulted in a reduction in processing capacity as well as activities of offshore fishing fleets. Low fish price is also a reason for the decrease in Vietnam's tuna exports.
The euro depreciated to its 11 years' low. This strongly impacts on production costs and competitiveness of tuna processors and exporters in Asia such as the Philippines, Thailand and Vietnam. Currencies of these nations significantly appreciated against the euro making higher input costs and wages. The peso of the Philippines, baht of Thailand and VND (Vietnam) have been upped about 21% against the euro since May 2014.