MEKSEA.COM – After nearly half a year of continuous decline, Vietnam’s canned tuna exports to the US increased again in October, marking a positive signal for this industry.

In October, the export value of canned tuna reached nearly 12 million USD, up 16% over the same period in 2023. In the first 10 months of 2024, the export value exceeded 87 million USD, up 17%. The US continues to be the largest import market for canned tuna from Vietnam, accounting for 36% of the total export turnover of this product group.

Market Trends and Opportunities for Canned Tuna

After peaking in 2022, US canned tuna imports have declined sharply in the following years. However, in 2024, import levels are now comparable to the same period last year. This is the time when Asian tuna processors expand their market share in the US.

The US economy is currently recovering rapidly. In its latest World Economic Outlook report, the International Monetary Fund (IMF) has revised up its US economic growth forecast for both 2024 and 2025. This is the only developed economy to be revised up for two consecutive years. US domestic consumption is rising thanks to rising wages and asset values, boosting retail sales of seafood. This trend is expected to increase demand for imported seafood, including canned tuna – creating great opportunities for Vietnamese exporters.

Potential Impacts from US Policy

The recent US election results with the re-election of former President Donald Trump will have an impact on Vietnam’s tuna exports. If the US imposes an import tax of 60-100% on China and 10-20% on other countries, the export market will fluctuate. Before the tax is imposed, importers may increase their stockpiles, causing tuna exports to surge. However, increased transportation costs may reduce businesses’ profits.

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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