Vietnam's tuna exports still increase by 20% despite Covid-19

Growth in Vietnam's tuna exports to the US market in the past 3 months has tended to slow down. In July alone, the value of tuna exports to this market reached 28.6 million USD, up 6% over the same period in 2020, but lower than in June 2021. Tuna processors in the US often buy goods at FOB prices, but currently the freight rates from Asia to South America have increased, ranging from $2,500 to $12,000/container, increasing costs and affecting the profits of Vietnamese exporters.

In contrast to the US market, tuna exports to the EU market in July 2021 decreased by 21% compared to the same period in 2020. Accumulated in the first 7 months of 2021, the value of tuna exports to the EU reached nearly $87 million. , up 20% over the same period in 2020. In July, Vietnam's tuna exports to all 3 main import markets decreased over the same period. Specifically, exports to Italy decreased by 34%, Germany by 40% and Spain by 12%.

High freight rates are also one of the reasons for the decrease in export shipments to the EU. In addition, the preferential tariff quotas for processed tuna products, such as frozen steamed tuna loin with HS code 16 under the agreement in the EVFTA Agreement, being used up is also one of the reasons why for export shipments to this market block to slow down.

Vietnam's tuna exports to CPTPP countries continued to increase over the same period, up 6.5% to reach $7.4 million. Notably, in July, tuna exports to Canada showed signs of decline, down 45% over the same period in 2020. In contrast, exports to Mexico and Japan continued to increase, respectively 2%. and 413% over the same period last year.

In addition to the three main markets mentioned above, tuna exports to other main markets such as Egypt, the Philippines or China are also continuing to grow in July.