Vietnam’s tuna exports to major markets continued the rise

Sales of frozen tuna loins/fillets (HS code 0304) remained the largest share of over 48% of total Vietnam’s tuna exports in Jan-Jun 2017, with the value of US$129 million; followed by those of canned tuna with 30%, worth by US$81 million, up 33%; those of other processed tuna exports accounted for 15% with the value of US$39 million; and those of fresh/live/frozen/dried tuna HS code 03 (except for HS code 0304) made up 7.8%, with the value of US$21 million.

Currently, Vietnam tuna was exported to 97 countries in the world, up from the same period last year, which helped to boost Vietnam’s tuna exports in the first half of 2017.

Top 8 major importers of Vietnam tuna was unchanged from QI/2017, including the U.S, the EU, Israel, ASEAN, Japan, Canada, China and Mexico and accounting for 88% of Vietnam’s total tuna exports. In the first half of 2017, tuna exports to Mexico experienced the impressive growth of 125%. With such a high growth rate, the country overtook Canada and China to rank the 6^th out of the leading importing markets of Vietnam tuna.

The U.S

Vietnam's tuna exports to the U.S slightly decreased in the first 2 months of the year, but then rebounded. The figure in Jan-Jun 2017 totaled US$108 million, up 16% year on year. As of June 2017, Vietnam’s exports of tuna items to the U.S all continued the year-on-year rise. Vietnam’s exports of frozen tuna loins/fillets kept the highest proportion of 60% of Vietnam's tuna exports. In QII/2017, Vietnam's processed tuna exports to the U.S continued to increase sharply.

The EU

Vietnam's tuna exports to the EU continued to show signs of recovery. The figure in the first six months of this year valued at US$58 million, a rise of 14% over the same period in 2016. Through June 2017, sales of frozen tuna loins/fillets continue to pick up the main share of 40% of the total export value to the market; followed by canned tuna with 34%. Notably, Vietnam's fresh/live/frozen tuna exports to the market are being boosted, while those of other processed tuna to the EU continued to decline year on year.

Japan

Vietnam’s tuna exports to Japan in the first half of 2017 achieved US$10.6 million, up 22.5% from a year before. Exports of tuna items to Japan in QII/2017 went on the rise. Shipments of processed/canned tuna remained to make up the highest proportion of 55% and climbed up 39% year on year. Compared to QI/2017, the growth rate of tuna exports to Japan slowed down.

ASEAN

Vietnam's tuna exports to in the first six months of the year reached US$19 million, down 9% year on year. This was driven by the decline in exports of processed/canned tuna, especially other processed tuna (steamed tuna steak, frozen tuna flake).

Forecast

Ocean tuna fishing season came to an end, but thanks to the favorable weather, tuna output in provinces got good results. In the next few months, tuna production expected to slightly decrease, so enterprises will have to increase tuna imports from other countries.

As tuna prices on world markets soar, demand in major markets such as the U.S and the EU will be affected. The growth rate of exports to these markets will slow down. However, exports to other markets such as Israel, Mexico and Canada expected to go on increasing, Vietnam’s tuna exports in the coming time expected to continue the rise.