Vietnamese tuna exports to main markets began to be positive

Due to the impact of the Covid-19 pandemic, Vietnam's export of tuna products has decreased, except canned tuna. The export value of canned tuna of Vietnam in the first 8 months of this year climbed by 23% over the same period in 2019.

In August, the export value of Vietnamese tuna not only picked up to Canada and Egypt, but it also jumped to the US and Israel. In particular, after a period of decline, tuna exports to Israel reversed and had a higher and higher growth rate. In August alone, tuna exports to this market went up significantly by 238% over the same period in 2019.

In the US, after a period of consecutive decline, Vietnam's tuna exports to this country enlarged by 5.2% over the same period. The lockdown and social distancing rule due to the Covid-19 pandemic has significantly reduced the demand for tuna in the US, especially fresh and frozen tuna. Due to the impact of the epidemic, the increasing retail demand, the US tended to increase imports of processed and canned tuna from Vietnam. In August alone, the export value of processed and canned tuna from Vietnam to the US ballooned by nearly 97% over the same period in 2019. The main export products of Vietnam to this market this month were frozen steamed yellowfin tuna loin, HS code16041490) and frozen tuna meat (HS code 03048700). The average export price of these products from Vietnam to the US was at US$6.6/kg and US$9.3/kg, respectively.

Contrary to the US, Vietnam's tuna exports to the EU sank. After recovering in July, Vietnam's tuna exports to EU countries in August did not grow as expected, down 17%. However, tuna exports to major markets in the bloc such as Germany and the Netherlands still achieved good growth.

The export value of Vietnamese tuna to the UK was not included in the EU due to Brexit, which has created a large gap compared to previous years. Because inherently, the UK was the largest import market for canned tuna in the EU, especially in the context of Covid-19. This is also one of the reasons why the export value to the EU is difficult to achieve as in previous years.

The main products of Vietnam exported to the EU in August include frozen tuna meat (HS code 03048700), canned tuna in oil/canned in sauce (HS code16041419), and frozen steamed tuna meat (HS code16041490). These are products on which Vietnam will enjoy tariff preferences when EVFTA comes into effect. The average price of Vietnam's frozen tuna exports and frozen steamed tuna meat to the EU in August were US$6.41/kg and US$4.98/kg, respectively.

Similar to the EU, Vietnam's tuna exports to Japan reversed to increase in August. The value of exports to this market in August slashed by nearly 35% compared to the same period in 2019. The cause of this decline mainly due to the impact of the Covid-19 epidemic, which made the demand for tuna in the Japanese market unstable.

It is expected that, due to the uncontrolled Covid-19 pandemic in markets, Vietnam's tuna exports to other markets will not be able to recover. However, exports to major markets will be more positive than the first months of the year.