In 2022, the price of transportation, vegetable oil, and steel soars have skyrocketed, pushing up the price of finished canned tuna. This has caused the import demand of canned tuna to decline and countries tend to increase imports of frozen tuna loins for domestic production to reduce costs. This has affected the structure of Vietnam's export tuna products.
Besides, from the end of 2022 until now, the price of whole fresh/frozen tuna on the world market has remained high, due to the low catch in the sea. Therefore, the market demand for whole tuna imports in the first month of 2023 is low. Moreover, the preferential tariff quotas for the group of frozen steamed tuna loins under free trade agreements such as the EVFTA, the CPTPP boosted export orders.
Exports of processed tuna products HS code 16, mainly frozen steamed tuna loin, increased by 25% over the same period in 2022
According to statistics of Vietnam Customs, Vietnam's exports of other processed tuna products HS code 16 have grown continuously from August 2022 until now.
This growth is thanks to the promotion of other processed tuna exports to key markets. The top 10 largest import markets accounted for 93% of the total export value of this product group in January.
In January 2023, tuna exports to main import markets such as the US, Japan, Egypt and Australia decreased over the same period. However, Vietnam's other processed tuna exports to Israel increased at a "galloping" rate of 2,283% over the same period. With this growth rate, Israel from the 10th position in the top of other processed tuna import markets of Vietnam in January 2022 has risen to become the second largest importer.
Along with Israel, Vietnam's other processed tuna exports to other main markets such as Peru, Canada, Thailand, Korea, Italy, Mexico or Chile all increased over the same period.
Currently, the price of whole tuna in the world market has not shown any signs of cooling down. The preferential tariff quotas are gradually used up. All of these are expected to further boost exports of processed tuna products, especially frozen steamed tuna loins in the first three months of 2023.
|
VIETNAM’S OTHER PROCESSED TUNA EXPORTS ( HS CODE 16) (Unit: USD) |
|||
|
Market |
Jan/2022 |
Jan/2023 |
Change(%) |
|
The US |
6,133,016 |
3,731,517 |
-39 |
|
Israel |
98,400 |
2,345,059 |
2,283 |
|
Peru |
993,640 |
1,522,653 |
53 |
|
Canada |
837,784 |
1,290,866 |
54 |
|
Thailand |
682.758 |
1,028,698 |
51 |
|
South Korea |
132,000 |
816,380 |
518 |
|
Japan |
886,838 |
814,476 |
-8 |
|
Italy |
|
696,357 |
|
|
Mexico |
590,604 |
676,143 |
14 |
|
Chile |
|
507,630 |
|
|
Others |
1,205,998 |
1,043,758 |
-13 |
|
Total |
11,561,038 |
14,473,536 |
25 |
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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