In May 2023 alone, Vietnam's tuna exports to the US, Japan, Canada and Thailand tended to decline. Meanwhile, exports to the EU have recovered.
The export market is gloomy
Among 97 import markets, the US is still the largest single import market of Vietnamese tuna, accounting for 37%. As of May this year, tuna exports to this market reached US$117 million, down 53%. Particularly in May, exports to this market decreased by 45% over the same period last year.
According to FAS.USDA data, in the first 4 months of 2023, total tuna imports into the US reached more than 99 thousand tons, worth US$662 million, down 10% in volume and 23% in value over the same period in 2022. Exports from most tuna suppliers to the US all declined.
Currently, inventories in the US market have gradually decreased, inflation has also decreased, but people are still facing previous debts, so consumer demand has not really recovered. In that context, US importers are more cautious. Therefore, at least by the end of this year, US tuna imports can recover.
Among 97 import markets, the US is still the largest single import market of Vietnamese tuna, accounting for 37%
Along with the US, tuna exports to markets participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also declined in May 2023. Export turnover to this market sector decreased by 18%, reaching more than 10 million USD. Accumulated in the first 5 months of the year, export turnover reached more than 46 million USD, down 15%. The cause of the decline in exports to this market sector is that exports to the two largest markets in the bloc, Japan and Canada, both dropped sharply in May 2023, by 32% and 31% respectively.
In the Japanese market, prolonged inflation pushed commodity prices up. Although commodity prices have been adjusted thanks to the government's energy subsidy programs, they still put pressure on consumption activities, reducing the purchasing power of Japanese households. This has affected the country's tuna imports.
Contrary to the US and CPTPP, tuna exports to the EU increased in May, with an increase of 15% over the same period, reaching nearly 17 million USD. This growth is due to the growth of the two largest import markets in the bloc, Germany and the Netherlands. In May alone, exports to these two markets increased by 66% and 172%, respectively.
Tuna exports to Israel also continued to increase strongly in May with an increase of 110%. This growth has contributed to bringing the total export turnover to this market in the first 5 months of the year to nearly 21 million USD, an increase of 83%.
Competition increases
In the context of a difficult market, tuna prices in Bangkok are climbing to a peak, while skipjack prices in Manta remain stable. Price of frozen whole skipjack tuna with size > 1.8kg delivered in Manta, Ecuador fluctuates at 1,800 USD - 1,825 USD/ton. This is putting a lot of pressure on Asian tuna producers, including Vietnam.
Vietnam’s tuna processing and exporting enterprises face more and more difficulties. Therefore, businesses expect the Prime Minister to quickly come up with practical support policies for businesses such as lowering interest rates, developing infrastructure, and adjusting policies to support imports of raw materials.
Compiled by Thuy Linh
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