(seafood.vasep.com.vn) Vietnam's tuna exports in Oct 2018 have experienced a positive trend in some markets such as the US, China ... The total value of tuna exports in October still increased by 16% compared to October 2017, reached US$67 million, bringing the total export value in the first 10 months to nearly US$541 million, up by 11% compared to the same period last year.
Tuna exports to the US after a period of continuous decline has recovered. Tuna export value to the US in October reached US$26 million, up by 35% compared to October 2017. This is still the largest export market of Vietnamese tuna exporting enterprises, accounting for 34% of total export value of tuna. As US tuna importers suspend tuna imports from China because of concerns related to tax increase, this has created opportunities to expand the markets for other suppliers including Vietnam. Therefore, this upward trend is expected to continue in the coming months.
After a period of positive growth, Vietnam's tuna exports to EU decreased in October. Vietnam's tuna export value to EU in October only reached US$18 million, down by 4% compared to October 2017. However, as this decline is not significant, the total export value in the first 10 months of the year still increased by 18%, reaching US$136 million.
In particular, tuna exports to Spain and the Netherlands continued to grow well. Exports to other major markets such as Germany and Italy still decreased.
This year, the price of tuna imported into the EU increased highly, causing the general demand in the market to decrease. At the end of the year, as the price of tuna has cooled down, it is likely that demand will increase. The import quota, starting from January 1 until the end of the quota, is worth of 25.000 MT. Therefore, EU imports from Vietnam is expected to increase again.
This Middle Eastern market continued to increase imports from Vietnam. In October, Israel imported nearly US$2.7 million worth of tuna products, an increase of 88% compared to October 2017. Therefore, in the first 10 months of this year, exports to Israel still achieved a positive growth rate of 52% over the same period. Israel continues to be a potential substitute market for Vietnam's canned tuna products in the context of cooling demands in large traditional markets such as the US, EU and Japan. It is forecasted that the tuna exports to not only Israel, but also to some other Middle Eastern countries like Egypt, will continue to grow well.
After a period of continuous growth, Vietnam's tuna export to ASEAN has decreased. In October, export of tuna to this market only reached 5.1 million US$, falling by 17% over the same period. This is due to the decrease in exports to Thailand, the largest import market in ASEAN.
It is forecasted that by the end of the year, as the source of imported raw tuna to meet the demand of export production will face many difficulties, the exports will slow down.