Tuna exports declined deeply

	Diversify and overcome the decline in tuna exports from the EU market
	Tuna exports have decelerated
	Tuna exporters turn to small markets

Tuna exports in the first half of 2023 decreased by more than 30%

Many markets have not recovered yet

According to statistics of Vietnam Customs, Vietnam's tuna export value in June 2023 only reached nearly USD 65 million, down 28% compared to the same period in 2022. Accumulated in the first 6 months of the year, Vietnam's tuna exports reached USD 382 million, down 31% compared to the first quarter of 2022.

According to the analysis of Ms. Nguyen Ha, tuna market expert of the Vietnam Association of Seafood Exporters and Producers, exports of fresh, frozen and high-value dried tuna products decreased by 46% over the same period. Meanwhile, exports of processed and canned tuna products reached nearly USD 175 million, up 4% over the same period, mainly due to price increases.

Regarding the market, tuna exports to main markets such as the US, Japan, Canada... have not shown any signs of recovery. Meanwhile, exports to the EU, Mexico, Israel and Thailand are recording high growth over the same period.

Tuna exports to the US continued to decline in June 2023, reaching only nearly USD 26 million, down 48% over the same period. Accumulated in the first 6 months of 2023, the value of tuna exports to the US is only half of the same period last year, reaching USD 143 million.

Americans are choosing canned tuna that fits their wallets amid tough inflation. Currently, the amount of tuna inventory in the US has begun to decrease; importers are considering increasing imports again. However, currently tuna prices in South America are lower than in Asia, which is increasing competition in this market.

Besides, tuna exports to the bloc's two largest import markets, Japan and Canada, continued to decline in June. Meanwhile, exports to Mexico and Chile had high growth.

In Japan, after growing in the first quarter of 2023, tuna exports to this market decreased continuously in the second quarter. Particularly in June, exports to this market decreased by nearly 31%, reaching more than USD 3 million. Therefore, in the first 6 months of 2023, the export turnover to Japan decreased by 10%, reaching nearly USD 17 million. The depreciation of the yen is causing the consumption of seafood products, including tuna, to be restrained.

Along with Japan, tuna exports to Canada are also gloomy. Exports to this market decreased continuously. In June alone, tuna exports to here decreased by 54%.

Exports to the EU increased in a row in the past 2 months

In contrast to the US market, tuna exports to the EU increased continuously in the past 2 months. After growing in May 2023, tuna exports to the EU continued to grow in value in June, up 28% to more than USD 12 million. As a result, accumulated in the first 6 months of 2023, tuna export turnover to the EU was at the same level as compared to the same period last year.

Notably in this market block is that exports to the Netherlands have continuously grown "gallopingly" in the last 2 months at 3 numbers. Along with the Netherlands, tuna exports to Germany are still maintaining good growth, with an increase of 30% in June. Meanwhile, exports to Belgium are still lower than the same period.

According to Ms. Nguyen Ha's analysis, the Russia-Ukraine conflict, thrifty consumer spending, rising price of goods, rising petrol and depreciating EUR are the causes of slow consumption demand in this market. But the preferential tariff is an advantage that pushes the EU to seek orders from Vietnam. However, at present, the import quota of canned tuna, frozen steamed tuna loin is almost used up. Therefore, Vietnam's tuna exports to this market will slow down.

Besides, tuna exports to Mexico and Chile increased strongly by 100% and 90% respectively. Along with Mexico and Chile, Vietnam's tuna exports to Israel and Thailand are also increasing at 164% and 65% respectively.