Currently, the UK imports a lot of fresh and frozen tuna products from Vietnam, accounting for 99% of total export turnover. Compared to the same period, Vietnam's exports of these products to the UK increased by 98%. Meanwhile, exports of processed and canned tuna decreased.
Vietnam is the 13th largest tuna supplier in the UK market. Ecuador, Mauritius and Seychelles are leading this market.
However, this year due to the El Niño phenomenon, rainfall in Panama decreased. Drought is making it difficult to transport goods from South American countries, including Ecuador, to European countries through the Panama Canal. Shipping companies must choose alternative routes. The Strait of Magellan, at the tip of South America, is a natural waterway but is about 7,000 km from the Panama Canal and almost 6,000 km from the Port of Manta, so is a huge detour for container ships. Therefore, it can be said that this is an opportunity for Asian countries, including Vietnam, to increase tuna exports to European countries, including the UK.
Vietnam is the 13th largest tuna supplier in the UK market
Looking at the overall picture, in the context of high inflation, the increase in raw tuna prices causes the demand for tuna in many markets to decline. That's why advantages from free trade agreements like UKVFTA are creating competitiveness for Vietnamese tuna products in markets like the UK.
In addition, according to the latest information from the Government newspaper, on July 16, the UK signed an agreement and officially became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The UK’s accession is expected to boost trade between this country and members of the CPTPP bloc, including Vietnam. Along with the trade agreement between Vietnam - UK (UKVFTA), incentives from CPTPP will open up opportunities for Vietnamese seafood products to enter the UK market, including tuna.
It is expected that Vietnam's tuna exports to the UK in the last months of the year will continue to be positive.
|
Top 5 Vietnamese tuna supplier to the UK, Jan- July 2023 |
||
|
No |
Company |
Proportion (%) |
|
1 |
DRAGON WAVES FROZEN FOOD FACTORY CO., LTD |
40 |
|
2 |
TITHICO |
14 |
|
3 |
Highland Dragon Enterprises |
14 |
|
4 |
BIDIFISCO |
14 |
|
5 |
TUNA VIETNAM CO.,LTD |
8 |
Compiled by Thuy Linh
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