Vietnam tuna exports maintain good growth in May 2021

Exports of tuna products increased over the same period

Compared to the same period in 2020, Vietnam's exports of all four groups of tuna products increased. In which, other processed tuna products, mainly frozen steamed tuna loin, increased the most by 44% over the same period.

Export of meat products/tuna fillets accounted for the highest proportion of 47%, reaching US$139 million, up 28% over the same period. Followed by canned tuna products accounted for 27%, reaching $ 78 million, up 2.4%.

In the first three quarters of 2020, the impact of the Covid-19 pandemic caused the demand for canned or bagged tuna in markets to increase rapidly. However, from the fourth quarter of 2020 onwards, the demand for canned tuna slowed down. The reason is that the high inventory of canned tuna in markets has led to lower import demand in markets. As a result, Vietnam's canned tuna export growth has also slowed down.

Meanwhile, vaccination against Covid-19 has been widely conducted in countries and markets have begun to reopen. Food service points, restaurants, etc. have begun to reopen, so the demand for items such as canned raw tuna or frozen tuna in markets tends to increase.

Exports to main markets maintained good growths

Vietnam's tuna products have been exported to 88 markets around the world. Exports to main markets were mostly higher than the same period last year.

In particular, the US and EU are still the dominant markets for Vietnam's tuna exports and continue to have good and stable growth rates.

In the US, expanded vaccination and the government's economic stimulus package have boosted demand for seafood, including tuna. Demand recovered not only in the food service, restaurant, and hotel segments, but also in the retail segment. Vietnam's tuna exports to the US market have grown continuously in the past 3 months. By the end of May, tuna exports to this market reached more than 124 million USD, up 22% over the same period. The US is increasing imports of fresh and frozen tuna from Vietnam, while reducing imports of canned tuna over the same period. High inventory of canned tuna and high transportation costs are affecting Vietnam's exports of this item.

The effect of the EVFTA Agreement continues to promote Vietnam's tuna exports to the EU market. Particularly in May 2021, Vietnam's tuna exports to this market increased by nearly 75% over the same period. Some markets in the EU that have good import growth rates are Italy up 121%, Germany up 18%, Poland up 444%, Romania up 110%, France up 74%...