MEKSEA.COM – According to statistics from Vietnam Customs, the country’s tuna exports in October reached nearly USD 93 million, up 22% compared to the same period in 2023. Cumulatively, the total export value for the first 10 months of 2024 amounted to over USD 821 million, an 18% increase year-on-year.

This marks the first time in 25 months that monthly tuna export values have exceeded USD 90 million. If this growth momentum continues, Vietnam’s tuna exports could conclude 2024 with a total export turnover of approximately USD 1 billion, representing an 18% rise.

Exports of all major tuna product groups also saw growth in October compared to the same period last year. Notably, the export of frozen tuna meat/loins under HS code 0304 showed rapid growth in the latter months of this year.

Market Performance

In October, Vietnam’s tuna exports to major markets increased, except for the EU and South Korea.

Challenges such as the exhaustion of preferential tariff quotas and difficulties in complying with anti-IUU (Illegal, Unreported, and Unregulated) fishing regulations have hindered tuna exports to the EU in recent months. Consequently, exports to this market dropped by 15% in October. However, due to strong growth earlier in the year, cumulative export value for the first 10 months of 2024 still rose by 17%.

Conversely, tuna exports to the U.S. rebounded in the final months of the year after a slowdown in Q3. Increased seafood consumption during year-end festivities, coupled with the effects of the presidential election, boosted demand for tuna imports in the U.S. In October, tuna exports to this market surged by 30%.

The Middle East also saw a notable increase in imports of Vietnamese tuna. Exports to this region have been accelerating, with high growth rates recorded in the first 10 months of 2024. For example, exports to Israel rose by 55%, Egypt by 70%, and Saudi Arabia by 72%. Despite political conflicts affecting exports to some countries in the region, such as Israel and Iran, the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) has provided momentum for further growth in tuna exports to this region.

Notable Recovery in the Japanese Market

Another highlight in October was the recovery of tuna exports to Japan. The export value to this market increased by nearly 31% year-on-year. Japan’s economic outlook has significantly improved after prolonged stagnation. Along with economic recovery, the Japanese yen strengthened notably from September, driving higher seafood import demand, including for tuna.

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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