Canned tuna from Vietnam is increasing its market share in the United States
MEKSEA.COM – Canned tuna from Vietnam is increasing its market share in the United States. Vietnam’s exports of canned tuna have shown continuous high growth in the early months of 2024. Just in April 2024, exports of canned tuna to this market surged by 127%, reaching over 10 million USD. Accumulated over the first 4 months of 2024, exports to this market reached over 38 million USD, a 102% increase compared to the same period in 2023, and a 25% increase compared to the same period in 2022.
According to statistics from the US Department of Agriculture, Vietnam is currently the second-largest source of canned tuna supply to the US market, accounting for 16% of its total import volume.
Despite increasing imports of canned tuna from Vietnam, the total imports to the US in the first quarter of 2024 have slightly decreased compared to the same period, totaling nearly 33 thousand tons. The reason for this decline is the reduction in imports from Thailand, the largest tuna supplier to this market, accounting for 51% of the total import volume. In the first quarter of 2024, canned tuna imports from Thailand to the US decreased by 9%. The average price of canned tuna products from Thailand exported to the US in the first quarter of 2024 fluctuated around 4,422 USD per ton.
Alongside Vietnam, canned tuna exports from Mexico to the US are also increasing slightly. The average price of these products in the first quarter of 2024 showed an upward trend compared to the same period in 2023, fluctuating around 4,735 USD per ton.
Meanwhile, Indonesia and Ecuador are losing market share in this segment of the US market. Canned tuna exports from these two countries to the US have both decreased. Particularly, Ecuador’s canned tuna products have seen an 88% decrease compared to the same period, due to a significant price increase.
Chinese canned food manufacturers continue to lose market share in the US due to high tariffs.
Currently, the US economy is gradually recovering, and global tuna prices are cooling down, which will lead to a gradual recovery in US imports of canned tuna. The US is trending towards reducing imports from Thailand to reduce dependence on this source and increasing imports from other countries like Vietnam.
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By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
(Reference: VASEP)
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