Tuna exports predicted to surge amid high inflation
Illustrative image (Source: VNA)
The demand for tuna in foreign markets amid the strong rise in prices of other foodstuff is predicted to lead to a surge in tuna export volume and value of Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The association reported that in the first six months of this year, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries, the third largest market of Vietnamese tuna after the US and Europe, imported 68 million USD worth of the fish from Vietnam, a 50% rise over the same period last year.
In addition, VASEP said the US Department of Agriculture has announced that the US faced the highest inflation in the past 40 years, with foodstuff prices increasing by 19% compared to the average level in the past 10 years, including that of chicken, a popular cheap protein source in the US.
Meanwhile, the price of chicken and poultry meat in the US is forecast to continue to increase from 15% to 18% in 2022. VASEP held that when the prices of cheap protein foodstuff increase, tuna could be a good alternative of US consumers. Therefore, the association held that Vietnamese tuna is enjoying more opportunities in such markets.
Tuna export turnover in June reached 90 million USD, a year-on-year increase of 41% (Photo: VNA)
This year, tuna export turnover is expected to reach about 1.1 billion USD, up 45% from the previous year, considering a 56% growth in the first six months of the year.
Tuna export turnover in June reached 90 million USD, a year-on-year increase of 41%, bringing the value for the first half of the year to 553 million USD, a year-on-year rise of 56%.
Regarding markets, VASEP said that good growth was seen in most major markets except the EU, Israel and Egypt.
As of the end of June, tuna export value to the US totalled more than 300 million USD, up 96% over the same period last year.
Besides the three major export markets, tuna exports to Saudi Arabia, Thailand, the Philippines and Russia also increased.
VASEP forecasts that tuna exports in the second half of the year will continue to grow well, but at a slower rate./.
Related News
Preliminary assessment of Vietnam international merchandise trade performance in the second half of August, 2024
10:11 | 08/10/2024 Customs Statistics
Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2024
10:10 | 08/10/2024 Customs Statistics
To successfully export fresh coconuts to China
10:17 | 08/10/2024 Import-Export
Latest News
Vietnam’s stainless steel exports under dual investigation
13:54 | 08/10/2024 Import-Export
F&B industry to reach 30 billion USD in 2024
13:53 | 08/10/2024 Import-Export
Self-sufficiency in raw materials critical for garment, footwear
13:50 | 08/10/2024 Import-Export
Standardising fruit quality can open up new markets for Vietnam: Insiders
14:26 | 07/10/2024 Import-Export
More News
Five amended laws to untie investment knots
10:50 | 07/10/2024 Import-Export
Ho Chi Minh City: Determined to become the leading logistics center in the region
09:23 | 06/10/2024 Import-Export
Vietnam's rice export turnover up 23.5% in nine months
19:30 | 05/10/2024 Import-Export
Responding to trade competition, businesses are forced to innovate technology
11:59 | 05/10/2024 Import-Export
How does the Fed's interest rate cut affect Vietnam?
11:56 | 05/10/2024 Headlines
Vietnam-France trade, investment ties expected to grow further
13:40 | 04/10/2024 Import-Export
Nine-month agro-forestry-fisheries exports rise 21%
13:37 | 04/10/2024 Import-Export
Vietnamese fruits have room to penetrate deeper into the Chinese market
11:56 | 04/10/2024 Import-Export
Positive signals for exports in remaining months of 2024
14:32 | 03/10/2024 Import-Export
Your care
Vietnam’s stainless steel exports under dual investigation
13:54 | 08/10/2024 Import-Export
F&B industry to reach 30 billion USD in 2024
13:53 | 08/10/2024 Import-Export
Self-sufficiency in raw materials critical for garment, footwear
13:50 | 08/10/2024 Import-Export
To successfully export fresh coconuts to China
10:17 | 08/10/2024 Import-Export
Standardising fruit quality can open up new markets for Vietnam: Insiders
14:26 | 07/10/2024 Import-Export