Vietnam tuna exports peaked in the first quarter of 2022

Specifically, Vietnam's tuna export value accumulated in the first 3 months of the year reached over 259 million USD, up 72% over the same period in 2021, and 1.6 times higher than the same period in 2019 - before the outbreak of the Covid-19 pandemic.

Export orders of high-value frozen tuna meat/fillets with HS code HS0304 in the first three months of this year tended to increase sharply, up 123% over the same period last year, reaching $184 million. Notably, the share of the export value of this product group increased from 55% in the first quarter of 2021 to 72% in the first quarter of this year. The export of other processed tuna products, mainly frozen steamed tuna loin, also increased by 37% over the same period. Meanwhile, the export of canned tuna products observed a downward trend.

As demand was recovering, Vietnam's tuna exports to main markets continued to grow in March.

US By the end of March 2022, the total value of Vietnam's tuna exports to the US reached nearly 137 million USD, up 116% over the same period last year, in which, the export value in March 2022 reached nearly 57 million USD, up 84%. As such, the US continues to be the largest tuna export market in Vietnam. However, tuna production in the EPO region is low, which makes the supply of tuna from the Americas like Ecuador decrease. Therefore the US will increase imports from countries in other regions like Thailand or Vietnam. Therefore, it is forecasted that exports to the US market will continue to increase in the first half of this year.

EU

Tariff incentives from the Free Trade Agreement between Vietnam and the EU (EVFTA) continue to promote Vietnamese tuna products to this market in March 2022. However, the escalating freight rates are affecting exports to this market, as most shipments are exported at CFR prices. The growth rate of tuna exports to this market block is slowing down, at 10% in March 2022, with export value increasing by 14 million USD. The total export value to this market in the first three months of the year reached nearly $38 million, up 33% over the same period in 2021.

CPTPP

In contrast to the EU, tuna exports to the market bloc participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) tend to accelerate. Export value to the CPTPP market in March 2022 increased by 49%, reaching nearly 14 million USD. Accumulated in the first 3 months of the year, the export value reached 30.4 million USD, up 40% over the same period. The export value to Canada reached 14 million USD, up 70%; to Mexico reached 4.3 million USD, up 79%; to Chile reached 2.4 million USD, up 71%. However, exports to Japan continued to decline by 20% y-o-y, reaching 6 million USD.

In addition to the above main export markets, the value of tuna exports to other potential markets such as the UAE, the Dominican Republic, and Panama also grew well over the same period last year.

Tuna exports are expected to continue to grow in the coming months. However, exports are facing a shortage of raw materials, high prices of raw tuna, increased sea freight... Therefore, businesses are still heavily affected despite the higher y-o-y growth. All in all, this recovery is just the beginning.

Compiled by Minh Trang