MEKSEA.COM – After a decline in the fourth quarter of 2022, the export of canned tuna from Vietnam has shown a tendency to rebound in 2023, although the growth rate is not high. In the cumulative 10 months of 2023, the export value of this product group from Vietnam reached over 205 million USD, a 7% increase compared to the same period last year.

The production of canned tuna is facing numerous challenges. Since the end of 2022, high levels of tuna inventory in major markets such as the United States and the European Union have led to a decrease in demand for Vietnamese tuna exports. Additionally, canned tuna producers are grappling with increased production costs. From the beginning of the year, the prices of tuna raw materials in the global market have continuously risen to peak levels. Moreover, the prices of tin cans, cardboard boxes, vegetable oil, etc., have all increased. All these factors have driven up the prices of finished canned tuna products.

Meanwhile, under the impact of consumer inflation, consumers are tending to tighten their spending. They are trying to limit purchases and shift towards consuming cheaper protein sources. This has restrained the consumption of canned tuna in the markets.

Export to markets with Free Trade Agreements (FTA) on the rise

As of the end of October 2023, Vietnam’s canned tuna has been exported to more than 64 markets worldwide. Among them, the United States, the European Union, Israel, Canada, Chile, and Egypt are the six largest importing markets, accounting for over 81% of the total export turnover of this product group.

From the beginning of the year, exports of canned tuna to the United States and Canada have continuously declined. However, in the latter half of the year, exports to the United States have shown signs of recovery, while exports to Canada have increased sharply in the last quarter. In the cumulative 10 months of 2023, canned tuna exports to the United States still decreased by 5%, reaching nearly 75 million USD, while exports to Canada decreased by 4%, reaching over 10 million USD.

Alongside the declines in the United States, Canada, and Egypt, exports of canned tuna to markets with Free Trade Agreements (FTAs) with Vietnam have flourished. Specifically, exports of this product group to the EU market increased by 33%, to Chile by 132%, to Japan by 17%, etc.

In the EU market, the tariff advantages under the FTA agreement between Vietnam and the EU (abbreviated as EVFTA) are attracting Vietnamese products. Especially in the context of severe drought in the Panama Canal, which has made the supply of canned tuna from Ecuador to this market difficult. Vietnam’s exports of this product group to certain EU markets are increasing significantly, such as the Netherlands up by 114%, Italy up by 368%, Poland up by 237%, and so on.

Read more: Positive Signals from the Global Seafood Market

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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