MEKSEA.COM – This is the first time in 2023, that Vietnam’s tuna export shows a bright picture. According to Vietnam Customs statistics, the tuna export in November 2023 increased by 23% compared to the same period, reaching nearly 79 million USD. Accumulated over the first 11 months of 2023, Vietnam’s tuna export reached 772 million USD, a 19% decrease compared to the same period in 2022. Vietnamese tuna products are exported to 110 countries worldwide.

Canned tuna exports are on the rise

After several months of irregular fluctuations since the beginning of 2023, Vietnam’s canned tuna exports have stabilized and maintained growth since September. The growth rate of Vietnamese product groups’ exports is also increasing. In November 2023 alone, canned tuna exports increased by 51% compared to the same period in 2022. This growth contributed to raising the total export value of canned tuna in the first 11 months of 2023 to nearly 235 million USD, a 10% increase compared to the same period in 2022.

Alongside this, the main product group of Vietnam, frozen tuna meat/loin, is showing signs of recovery in the final month of the year. The export value of this product group increased slightly by 1% compared to the same period, reaching nearly 8 million USD in November.

Vietnam’s tuna exports to major markets see a bright picture

Inflation in major markets is decreasing, and as the year-end holiday season approaches, major tuna markets are showing a trend of increased tuna imports in the last months of the year. Not only in the United States and Canada tuna exports to the EU and Israel also increased in November.

In the U.S. market, tuna exports continued to grow in November, with a 19% increase compared to the same period. However, this growth is still not enough to compensate for the previous decline, resulting in a 35% decrease in the accumulated export value of tuna to this market in the first 11 months of 2023.

Among the tuna products exported to the U.S., exports of processed and canned tuna product groups have been continuously growing in the second half of the year. Notably, until the end of November 2023, exports of other processed tuna product groups, mainly frozen steamed tuna loin, increased by 23%.

In the EU market, the drought in the Panama Canal continues to hinder the tuna supply from Ecuador to this market. Additionally, to prepare for the resumption of preferential tariff quotas under the Free Trade Agreement between Vietnam and the EU (EVFTA) in 2024, there has been an increase in orders from this market. Specifically, in November 2023, tuna exports to the EU increased by 64% compared to the same period. Among EU countries, Italy continues to significantly increase imports from Vietnam. Alongside this, tuna exports to Germany and Italy also reversed the trend and increased in November.

With this situation, tuna exports are expected to continue to rise in December, especially in major markets such as the U.S., EU, and Canada.

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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