Tuna exports declined deeply

VCN - In the first 6 months of the year, Vietnam's tuna exports only reached USD 382 million, down 31% compared to the first quarter of 2022. Many main export markets fell deeply.
Diversify and overcome the decline in tuna exports from the EU market Diversify and overcome the decline in tuna exports from the EU market
Tuna exports have decelerated Tuna exports have decelerated
Tuna exporters turn to small markets Tuna exporters turn to small markets
Tuna exports declined deeply
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.

By Le Thu/Bui Diep

Related News

Latest News

Quality varieties spur Vietnamese rice industry

Quality varieties spur Vietnamese rice industry's growth: experts

The success of the rice sector is the fruit of a concerted effort spanning research, production and trade, with high-quality seeds delivered to farmers' hands, former Minister of Agriculture and Rural Development Cao Duc Phat has assessed.
Minister asks for FIATA’s support in dealing with increased shipping freights

Minister asks for FIATA’s support in dealing with increased shipping freights

Minister of Industry and Trade Nguyen Hong Dien has suggested the International Federation of Freight Forwarders Associations (FIATA) provide practical measures to assist Vietnamese businesses in overcoming challenges caused by the increased shipping freight rates, port congestion, and shortage of empty containers.
Efforts made to help firms deeply join global semiconductor supply chain

Efforts made to help firms deeply join global semiconductor supply chain

The Ministry of Planning and Investment (MPI) has taken various solutions to support domestic firms to join the global semiconductor supply chain more intensively, heard a meeting held on July 15 by the ministry.
What do businesses do to cope with foreign trade traps?

What do businesses do to cope with foreign trade traps?

VCN - In commercial disputes that are required to be resolved at the Vietnam International Arbitration Center (VIAC), many Vietnamese businesses are suffering disadvantages due to negligence right from the negotiation and contracting.

More News

Shifting production to expand exports to the Northern European market

Shifting production to expand exports to the Northern European market

VCN - Nordic countries often map out policies to achieve EU goals sooner than others. Among them, general principles and standards regulating manufacturers' responsibilities for textiles and garments from Nordic countries need to be paid attention by businesses.
Businesses advised to stay prudent to avoid trading scams

Businesses advised to stay prudent to avoid trading scams

Authorities have continuously warned Vietnamese businesses to stay prudent when trading with foreign partners in the face of a recent scam increase.
Leather, footwear exports to hit 27 billion USD in 2024

Leather, footwear exports to hit 27 billion USD in 2024

Export revenue of the leather, footwear and handbag sector is predicted to hit 26-27 billion USD in 2024 on the basis of the positive results seen so far, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Tra fish export to CPTPP market reaches 114 mln USD as of June 15

Tra fish export to CPTPP market reaches 114 mln USD as of June 15

Vietnam raked in 114 million USD from tra fish export to the signatory nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as of June 15, a year-on-year increase of 10%, according to the General Department of Vietnam Customs.
Building a Vietnamese brand associated with green and sustainable development

Building a Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world markets.
Pepper export turnover up over 30% in H1

Pepper export turnover up over 30% in H1

Vietnam exported 142,586 tonnes of pepper in the first half of this year, down 6.8% in volume but up 30.5% in value, the Vietnam Pepper and Spice Association (VPSA) has reported.
Dong Nai remains FDI magnet in H1

Dong Nai remains FDI magnet in H1

The foreign direct investment (FDI) influx into the southern industrial hub of Dong Nai in the first six months of this year was equivalent to 138% of the locality’s plan for the whole year.
Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnam boasts advantages and potential in agricultural production and export, yet domestic firms need to do more to join the global food supply chain more intensively, insiders have said.
Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.
Read More

Your care

Latest Most read
Quality varieties spur Vietnamese rice industry

Quality varieties spur Vietnamese rice industry's growth: experts

The success of the rice sector is the fruit of a concerted effort spanning research, production and trade, with high-quality seeds delivered to farmers' hands, former Minister of Agriculture and Rural Development Cao Duc Phat has assessed.
Minister asks for FIATA’s support in dealing with increased shipping freights

Minister asks for FIATA’s support in dealing with increased shipping freights

Minister of Industry and Trade Nguyen Hong Dien has suggested the International Federation of Freight Forwarders Associations (FIATA) provide practical measures to assist Vietnamese businesses in overcoming challenges caused by the increased shipping freight rates, port congestion, and shortage of empty containers.
Efforts made to help firms deeply join global semiconductor supply chain

Efforts made to help firms deeply join global semiconductor supply chain

The Ministry of Planning and Investment (MPI) has taken various solutions to support domestic firms to join the global semiconductor supply chain more intensively, heard a meeting held on July 15 by the ministry.
What do businesses do to cope with foreign trade traps?

What do businesses do to cope with foreign trade traps?

VCN - That was shared by VIAC experts at the Conference "Current foreign trade transactions: Changes in business strategy and dispute management" held in Ho Chi Minh City last weekend.
Shifting production to expand exports to the Northern European market

Shifting production to expand exports to the Northern European market

General principles and standards regulating manufacturers' responsibilities for textiles and garments from Nordic countries need to be paid attention by businesses.
Mobile Version