Currently, more than 20 countries are exporting this group of products to the US market. In which, Indonesia, Vietnam and Thailand are the three largest tuna suppliers, accounting for 76% of the total value of frozen tuna meat/loin import to the US.
In the first 5 months of 2023, the average import price of frozen tuna meat/loin into the US was US$12,756/ton, down 7% compared to the same period last year. Among the suppliers, Vietnam had the lowest export price at US$11,122/ton, down 16% over the same period. Despite the competitive pricing, Vietnamese enterprises were unable to increase their market share in the US, as their exports decreased by 60% in volume compared to the same period in 2022.
Vietnam's frozen tuna meat/loin exports to the US down 60%
Along with Vietnam, Indonesia, Thailand and the Philippines are also adjusting export prices to the US market, down 6%, 3% and 11% respectively. However, only Thailand can increase exports to this market over the same period, up 8% in volume, Indonesia and the Philippines also saw declines of 19% and 48%.
Economic instability has caused food prices in the US to rise. American people, especially the low-income class, had to change their diets and food purchase channels. There has been a trend that many consumers consider choosing chicken, beef or pork instead of seafood. More and more people are choosing to buy home-cooked food to save money, And this is affecting US tuna imports in the first period of 2023.
|
Average IMPORT price of frozen tuna meat/loin into the US, January-May 2023 (USD/ton) |
|||||
|
|
Jan |
Feb |
Mar |
Apr |
May |
|
Average price |
13,597 |
12,680 |
12,893 |
12,300 |
12,215 |
|
Vietnam |
11,791 |
11,803 |
10,625 |
10,902 |
10,454 |
|
Indonesia |
13,972 |
11,778 |
12,659 |
11,903 |
12,030 |
|
Thailand |
11,640 |
11,575 |
12,879 |
12,139 |
11,148 |
|
Philippines |
16,836 |
17,705 |
17,926 |
15,284 |
16,000 |
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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