Vietnam tuna exports continue to rise above the pre-pandemic levels

Accumulating the first 8 months of 2022, Vietnam tuna export turnover reached nearly 730 million USD, an increase of 55% over the same period 2021.Compared to previous years, the export share of fresh, frozen and dried tuna products in total tuna exports is increasing, and is more than twice that of processed tuna products.

Currently, Vietnam tuna products have been exported to 97 markets around the world. In general, by the end of August 2022, tuna exports to major markets are increasing over the same period, except for Israel.

The inflation in the US and the EU is still high. Specifically, the US’s CPI in August has increased by 8.3% compared to the same period in 2021. Similarly, in Europe, on August 31, the European statistical agency Eurostat announced the CPI in August increased by 9.1% over the same period last year.

This situation caused consumers in the US and EU to tighten their spendings. Demand for canned tuna, one of the favorite low-cost proteins in these two markets, is growing. Therefore, imports of tuna in these markets are expected to increase, especially meat products, frozen tuna loin raw materials for canned tuna production.

According to statistics of Vietnam Customs, Vietnam's tuna exports to the US continued to maintain a good growth momentum over the same period. The export value in August 2022 has increased by 65% compared to the same period in 2021, and is twice as high as in the same period in 2019.

In the EU market, after growing again in July, Vietnam's tuna exports to this market continued to accelerate in August with an increase of 70% over the same period in 2021, reaching US$106 million. This figure has contributed to raising the total tuna export turnover to the EU in the first 8 months of this year to US$106 million. Germany, Belgium and Spain are 3 major tuna import markets in this block.

Notably, after a continuous decline in the past 3 months, Vietnam's tuna exports to Germany  in August increased at a galloping rate of 221% over the same period. Along with Germany, tuna exports to Belgium also continued to grow at a high rate of 116%. Meanwhile, tuna exports to Spain decreased. One of the reasons for the decrease in exports to this market is the preferential tariff quota for frozen steamed tuna meat/loin exported to the EU as agreed in the Free Trade Agreement between Vietnam and the EU (EVFTA) has been used up.

Along with the US and EU, some other main markets such as Canada, Japan, Israel, Saudi Arabia, Thailand and Russia are also experiencing impressive growth rates of 3 to 4 digits in August. The outbreak of Covid-19 pandemic in Vietnam at this time last year had hindered export activities. However, compared to the time before the pandemic, the export value to other markets is also higher. This shows that the markets are recovering.

Compiled by Thuy Linh