MEKSEA.COM – In recent years, the Middle East has grown in importance as a market for Vietnamese frozen tuna exports. According to Vietnam Customs data, after the United States, the European Union, and the CPTPP, the Middle East was Vietnam’s fourth largest frozen tuna export market in the first five months of 2021. Vietnam’s frozen tuna shipments to this market block were over 27 million USD, representing for 9% of the country’s total frozen tuna exports and an increase of 7% over the same period in 2020.

Several factors are driving up demand in the region, including the conclusion of the crisis in Libya (a large tuna consumer market), Saudi Arabia’s increasingly health-conscious customers, and Egyptians’ quest for a “affordable source of protein.”

FrozenTuna exports from Vietnam to the Middle East increased by 7%.

Last year, like other markets when the Covid-19 pandemic broke out in the first months of the year, panic buying of frozen tuna products to stockpile in the Middle East occurred. However, after that, sales in this market stabilized again. Therefore, Vietnam’s processed frozen tuna exports to the Middle East in the first five months of 2021 are only equivalent to the same period in 2020, reaching $17.2 million. Fresh and frozen tuna exports to this market, on the other hand, increased by 78 percent, reaching more than US$9.5 million.

In this market block, Vietnam’s tuna goods are now exported to 12 nations. In this market, Israel, Egypt, and Libya are the top three importers of Vietnamese frozen tuna. Compared to the same period in 2020, the countries with export growth are Israel (up 37%), Libya (up 16%), UAE (up 61%) and Bahrain (up 69%).

With over 15 million USD in frozen tuna imports from Vietnam in the first five months of 2021, Israel is presently Vietnam’s third largest single frozen tuna export market. Vietnam’s frozen tuna exports have recovered again after a constant fall in the first two months of the year, and the growth rate is increasing.

FrozenTuna exports from Vietnam to the Middle East increased by 7%.

Meanwhile, Vietnam’s frozen tuna exports to Egypt decreased by 3%. The recovery of the Egyptian economy, with the local currency strengthening against the dollar, has also helped boost demand for tuna in the country. This has helped Vietnamese frozen tuna exports to this market increase positively in the first 2 months of the year. However, since March, Vietnam’s frozen tuna exports to this market have decreased continuously. One of the reasons for this decline is that Egyptian importers used the excuse of difficulties and losses due to the epidemic situation to demand payment for goods in installments, putting pressure on prices to reduce… businesses are afraid to export to this market.

FrozenTuna exports from Vietnam to the Middle East increased by 7%.

In Libya, the stability of the political situation and the Libyan economy has helped increase the demand for frozen tuna. And this has impacted on Vietnam’s frozen tuna exports to this market. Although Vietnam’s frozen tuna exports to this market are still not stable, in the past 2 months, the export value has been increasing continuously.

By Jasmine (Business Team)

(Reference: www.vasep.com.vn)

If you found this topic interesting, please click the Like button below, so we may continue to expand this topic. Leave a comment with your thoughts for the author team to discuss.