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Vietnam tuna exports increased sharply in the first month of 2024
11:02 03/11/2024

(seafood.vasep.com.vn) Continuing the growth momentum in September, Vietnam's tuna exports to Canada grew continuously in the last months of the year. In November 2023 alone, the value of tuna exports to Canada increased by 117% of proportion. This figure has contributed to raising the total export value in the first 11 months of 2023 to nearly 31 million USD, down 37% of proportion compared to the same period in 2022.

(seafood.vasep.com.vn) In 2023, canned tuna became the most exported product to the EU for the first time. Export turnover of this product group accounts for more than 40% of total export turnover to this market, estimated at about 71 million USD, up 28% from 2022.

(seafood.vasep.com.vn) By the end of November 2023, Vietnam’s seafood exports reached over 8.2 billion USD, down 20% over the same period in 2022. It is estimated that seafood exports in December reach nearly 800 million USD, equivalent to November, bringing the total seafood exports for 2023 to about 9 billion USD, 17% lower than the record level of nearly 11 billion USD of 2022.

(seafood.vasep.com.vn) In 2022, Belgium was Vietnam's third-largest tuna import market in the EU, with a growth rate of 65% compared to 2021. However, in 2023, tuna exports to Belgium have declined under the impact of inflation. Belgium is no longer one of Vietnam's three largest tuna import markets in the EU

(seafood.vasep.com.vn) After a period of positive growth in the second quarter of 2023, Vietnam's tuna exports to Lithuania decreased in the last months of the year. In October 2023 alone, tuna exports Lithuania decreased by 80% compared to the same period in 2022

(seafood.vasep.com.vn) In September 2023, Vietnam's tuna exports reached 72 million USD, down 8% over to the same period in 2022 and down 18% over to August.

(vasep.com.vn) If last year, Spain was Vietnam's third largest tuna import market in the EU, this year this market has dropped out of the top. Tuna exports to Spain have continuously declined. Accumulated in the first 8 months of 2023, tuna exports to Spain decreased by 49% compared to the same period in 2022, reaching more than 7 million USD, this is the lowest level in the past 5 years.

(vasep.com.vn) Because the fishing output of the fleet in the seas decreased, many EU countries had to increase imports from sources outside the bloc in this year, including Finland. Although this Nordic country's tuna imports in the first half of this year were only at the same level as the same period last year, imports from Vietnam are strongly increasing.

(seafood.vasep.com.vn) In August 2023, Vietnam's tuna exports reached more than 87 million USD, down 5% over the same period last year. This is the lowest decrease and the highest value since the beginning of this year. Cumulatively in the first 8 months of this year, tuna exports reached 545 million USD, down 25% over the same period.

(seafood.vasep.com.vn) While other countries in the CPTPP bloc reduced tuna imports from Vietnam, Chile has continuously increased imports since the beginning of 2023. Only in August 2023, tuna exports to this country will increase by 75%, reaching nearly 1.3 million USD.

(seafood.vasep.com.vn) In recent years, the US has always been the leading market for tuna imports from Vietnam. Vietnam's tuna export turnover has increased 2.5 times after just 10 years of Vietnam and the US establishing a comprehensive partnership, reaching a record level of nearly 487 million USD in 2022.

(seafood. vasep.com.vn) According to statistics of Vietnam Customs, after a sharp drop of 51% in May 2023, Vietnam's tuna exports to the UK continued to increase in the following 2 months. This growth has contributed to bringing the total export turnover to the UK in the first 7 months of 2023 to 77% higher than the same period in 2022, reaching more than 4.5 million USD.

(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.

(seafood.vasep.com.vn) According to statistics of the US Department of Agriculture, imports of frozen tuna meat/loin (HS code 03048700) into this market in the first 5 months of 2023 were still lower than the same period of the same period, reaching more than 13 thousand tons, worth 170 million USD, down 38% in volume and 42% in value.

(seafood.vasep.com.vn) 2023 is a challenging year for the Vietnamese tuna industry, with raw tuna prices rising and demand in major markets falling. Therefore, from the beginning of the year, Vietnam's tuna exports have continuously declined over the same period.


SPECIALIST ON TUNA MARKET

Ms Van Ha

Email: vanha@vasep.com.vn

Tel: +84 24 37715055 (ext. 216)

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