US maintains the leading tuna importer from Vietnam
MEKSEA.COM – In recent years, the US has been always the leading tuna importer from Vietnam. Through 10 years, Vietnam’s tuna exports to the US market increased by 2.5 times, Vietnam and the US established a comprehensive partnership. In 2022, Vietnam’s tuna exports to the US reached 487 million USD.
From 2017 to 2019, Vietnam’s tuna exports to the US increased continuously, especially, in 2019, sharply by 38%. Entering 2020, due to the impact of the Covid-19 pandemic, Vietnam’s tuna exports declined. However, the US economic recovery after the stressful period of the pandemic is considered the strongest among Western economies, helping Vietnam’s tuna exports to the US peak in 2022.
But then, due to general difficulties in the world market such as inflation, a decrease in average export prices, and a sudden increase in imports in the US in 2022, inventories increased… causing tuna imports to the US to slow down. Vietnam’s tuna exports to this market in the first 7 months of 2023 decreased by 49%, reaching just over 171 million USD. However, this decrease is assessed as temporary and not a major trend shortly.
Frozen tuna meat/loin products with code HS0304 are Vietnam’s main export products to the US in recent years. While Vietnam’s exports of these products have grown steadily in recent years, canned tuna exports have had many fluctuations.
It can be said that Vietnam – US relations have made remarkable progress in both quality and quantity after 28 years of establishing diplomatic relations and 10 years of establishing a comprehensive partnership. Over the past 10 years, the growth rate of Vietnam’s tuna exports to the US has been increasingly improving. The event of upgrading relations to the level of comprehensive strategic partnership between the two countries during US President Joe Biden’s visit to Vietnam will create unprecedented opportunities to promote economic and trade cooperation. Vietnam’s tuna trade with the US will have stronger and more sustainable breakthroughs in the coming time.
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By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
(Reference: VASEP)
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