The Korean fishing fleet is one of the largest fishing fleets in the world and has continuously achieved high catches over the years. However, in recent years, due to the ban on the use of fish aggregating devices (FADs) and the depletion of tuna stocks in fishing grounds, the country's tuna catch has decreased.
The decrease in catches has led to a fall in the supply of raw materials to serve the production of canned processed tuna, thus Korea has to increase imports of canned processed tuna and raw/fresh/frozen tuna from other countries. With the increase in imports of frozen tuna, raw materials for production, Korea has gradually reduced imports of canned processed tuna. However, due to unstable domestic catch, Korea still imports more processed and canned tuna from other countries, including Vietnam.
Vietnam exports mainly frozen steamed tuna loin to the Korean market, accounting for 69% of total export turnover.
In 2022, Vietnam's tuna exports to South Korea have grown continuously in the second half of the year. Tuna export turnover to this market reached nearly 7 million USD, up 84% compared to 2021. This growth trend continued in the first month of 2023.
Currently, Vietnam exports mainly frozen steamed tuna loin to the Korean market, accounting for 69% of total export turnover. The average export price of these products in 2022 fluctuates on average at USD 5,142/ton. After rising to the highest level of USD 5,664/ton in May 2022, the average export price of Vietnam's frozen steamed tuna loins to the Korean market has decreased. However, the price tends to increase towards the end of the year.
Currently, there are 18 companies participating in exporting tuna to the Korean market. Nha Trang Bay, Phat Trien Seafood and Tuna Vietnam are the top 3 exporters in this market, accounting for 66% of the total export value.
Compiled by Thuy Linh
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
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(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
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(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
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