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) 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.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(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.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(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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