Vietnam is exporting mainly frozen tuna meat/loin (HS code 0304) to the UK market, accounting for 93% of total export turnover to this market in the first 2 months of the year.
Among the major economies, the UK has the highest inflation rate. Entering 2023, inflation in the UK in January fell to 10.1%, but then suddenly accelerated in February 2023 to 10.4%. Currently, inflation has changed the UK's seafood consumption trend, increasing consumption of frozen and processed seafood.
According to statistics of the World Trade Center (ITC), the UK is currently one of the 10 largest tuna import markets in the world. The UK imports tuna from more than 45 countries around the world, of which Vietnam is the 13th largest supplier, accounting for 1% of the country's total tuna imports. In 2022, although Vietnam's tuna exports to the UK still increased by nearly 10% in value, the reason was the increase in the average price of exports to this market.
In the UK market, with the advantage of supplying raw tuna of pure origin, tuna exporters from Ecuador and Mauritius are dominating the market. Vietnamese products still find it difficult to compete with these countries. However, with the advantage of preferential tariffs under the UKVFTA, importers are increasing their tuna imports from Vietnam in the first months of 2023.
With the current inflation situation, it is likely that the import demand for tuna consumption in the UK will not be able to recover. And therefore, tuna exports to the UK will therefore grow more slowly in the coming months when the preferential tariff quota is used up.
Compiled by Thuy Linh
(seafood.vasep.com.vn) On April 23, 2024, the 30th Global Seafood Exhibition opened at the Fira Gran Via Exhibition Center in Barcelona, Spain. Many seafood processing and exporting units from Vietnam participated in the exhibition. At this year's exhibition, deep-processed seafood products continued to attract significant attention and preference from a large number of participants.
(vasep.com.vn) Through the first quarter of the year, in a context where the shrimp industry still faced many risks, shrimp exporting enterprises still showed efforts and determination in production and business.
(seafood.vasep.com.vn) In the first quarter of this year, Vietnam's shrimp exports reached over 686 million USD, an increase of 14% over the same period in 2023.
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
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