Vietnam's tuna exports narrow the decline

(seafood.vasep.com.vn) In the first 7 months of 2023, Vietnam's tuna export was still 28% lower than the same period last year, reaching US$458 million. Low demand and purchasing power in some main markets have affected Vietnam's tuna exports. Moreover, the price of raw tuna is still high, which has pushed up the price of the final product, making it more difficult for consumption demand to recover, especially in the current economic context.

As of July, Vietnam's export value of frozen tuna meat/loin products still decreased, while exports of processed and canned tuna products increased again.

The decline in major markets is getting smaller

According to statistics of Vietnam Customs, in July, tuna exports reached US$76 million, down 11% over the same period last year. This is the lowest decrease in the first 7 months of 2023. Currently, tuna exports to main markets such as the US, Japan or Canada continue to decline, while exports to the EU continue to prosper.

In the US market, tuna exports have not shown any signs of recovery. The value of tuna exports to this market in July still decreased by 26% over the same period, reaching US$29 million. Following the same trend, tuna exports to Japan and Canada also continued to decline in July, with a decrease of 20% and 38% respectively. However, this is the lowest decrease of all three markets since the beginning of the year.

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Meanwhile, tuna exports to the EU continued to recover, gradually making up for the decline in the first months of the year

Meanwhile, tuna exports to the EU continued to recover, gradually making up for the decline in the first months of the year. Exports to the EU in July increased by 28% over the same period. As a result, in the first 7 months of 2023, tuna exports to the EU increased by 5% over the same period in 2022, reaching $96 million.

Notably, Italy “returned” to the top 3 largest market of Vietnamese tuna in the EU. Tuna exports to Italy in July 2023 increased 10 times over the same period in 2022. Along with Italy, exports to Germany and the Netherlands are also increasing strongly in July by 43% and 96% respectively.

Outlook at the end of the year

According to statistics from the US Department of Commerce, retail sales in this market increased by 0.7% in July. US consumers spent more on food, with the fastest spending growth rate since from the beginning of the year. Therefore, businesses are expecting the US tuna market to recover by the end of the year.

Besides, the amount of inventory in the markets decreased, so tuna orders are likely to increase. Many holidays in the end of the year will also boost consumption, importers and restaurants tend to increase Therefore, not only tuna products, but many other seafood products are also prioritized to increase orders to store and serve fun and eating activities at the end of the year.

Compiled by Thuy Linh 


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SPECIALIST ON TUNA MARKET

Ms Van Ha

Email: vanha@vasep.com.vn

Tel: +84 24 37715055 (ext. 216)

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