Vietnam's tuna exports to the US decreased by 27% in QIV/2022

(seafood.vasep.com.vn) Although the US economy grew more than expected in the last quarter of 2022, consumer demand in the US consumer group remained low. This also shows that the economic recession is still a big risk in 2023. And this will definitely affect Vietnam's tuna exports to the US.

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Specifically, after continuously growing in the first 9 months of 2022, Vietnam's tuna exports to the US decreased continuously in the last quarter of the year. Export value in this quarter decreased by 27%, (worth nearly 82 million USD). However, this number is still 21% higher than the same period in 2019, the time before the pandemic. And cumulatively in 2022, the value of tuna exports to the US reached nearly 487 million USD (up 44% compared to 2021). Therefore, the US is the largest tuna import market of Vietnam (accounting for nearly 44%).

Compared to 2021, the proportion of Vietnam's exports of fresh, frozen and dried tuna products to the US increased from 58% to 72%. In which, mainly frozen tuna meat/loin (up 73% over the same period, reaching nearly 350 million USD). Frozen tuna meat/loin products tended to increase continuously in the first 9 months of the year, but then decreased in the last 3 months of the year. One of the reasons for this decline is due to a decrease in demand, which has led to an increase in tuna inventories in the US market.

The average export price of frozen tuna meat/loin in Vietnam in the last quarter of 2022 also decreased by 12% compared to the previous quarter and fluctuated at USD 12.2/kg.

In addition, canned tuna exports to the US also decreased. The price of canned tuna increased due to the high price of transportation, vegetable oil, and steel. This has led the US to reduce imports of canned tuna (down 8%) and tends to increase imports of frozen steamed tuna (up 13%).

The average export price of Vietnam's frozen steamed tuna loin to the US in the last quarter of the year still fluctuated at US$6.4/kg and showed no sign of decreasing.

Among 74 enterprises participating in exporting tuna to the US market, there are top 3 companies with the largest export value, accounting for 33% of the total export value, which are: Hai Long Nha Trang Seafood Co., Ltd. Highland Dragon Co., Ltd. and Mariso Vietnam Co., Ltd

It is forecasted that tuna exports to the US in the first quarter of 2023 will tend to decrease due to reduced demand and high inventories.

Compiled by Thu Hang

Thu Hằng
Email: thuhang@vasep.com.vn
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