Vietnam tuna exporters worried over escalating Israel-Iran tensions

News 08:48 28/10/2024
(seafood.vasep.com.vn) In recent years, Israel has consistently been a top export market for Vietnamese tuna, following the US and EU. Therefore, the recent escalating tension between Israel and Iran is affecting Vietnam's tuna exports to this market. Enterprises are worried about having to halt export orders to this market in the coming months.

According to statistics from Vietnam Customs, tuna exports to Israel in 2023 increased by 37% compared to the previous year, reaching over $50 million. On July 25, 2023, the Vietnam-Israel Free Trade Agreement (VIFTA) was signed, creating many favorable conditions for Vietnam to promote seafood exports, including tuna, to this market. Therefore, in 2024, tuna exports to this market have continued to grow strongly since the beginning of the year. However, in the last 3 months, exports to the market have shown signs of instability, with a 31% decrease in July. In August, exports increased again but the growth rate was not high, only 20% compared to the same period.

Israel is considered to be a potential export market for the Vietnamese tuna industry. Although the Middle East has always seen many conflicts, tuna exports to this market have continued to increase.

The Middle East is the center of three continents: Asia, Europe, and Africa, so if a conflict occurs, it could cause maritime transportation congestion, including the Gulf of Aden, which is the shortest route between Europe and Asia. International trade through this route accounts for 12-13% of total world trade, and Vietnam exported seafood is also transported through this gulf and the Red Sea.

According to enterprises, this year, it has been more difficult to purchase domestic tuna for raw materials due to regulations on the minimum size of skipjack tuna that can be caught, forcing businesses to increase imports. The price of imported tuna is higher due to additional transportation and financial costs in the supply chain. If the Israel market is blocked, it will even more difficult for tuna exporters.

Nguyen Ha

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