Vietnam’s tuna exports to Japan recover faster than expected
MEKSEA.COM – Vietnam’s tuna exports to Japan have grown strongly for two consecutive months.
Vietnam’s tuna exports to Japan have grown strongly for two consecutive months
According to statistics from Vietnam Customs, in October 2024 alone, Vietnam’s tuna exports to this market increased by 31% compared to last year, reaching nearly USD 3.5 million. This figure has helped offset the decline in exports to Japan during the first half of the year, raising the total export value in the first 10 months of 2024 to nearly USD 28 million, up 5% year-on-year.
Vietnam’s tuna exports to Japan situation in the first 10 months 2024
Among the groups of tuna products exported to Japan, processed tuna products under HS code 16, such as smoked tuna, and marinated tuna pieces (excluding canned tuna), are the main export products to this market. They are also the only group that recorded an increase compared to the same period in the first 10 months of this year.
According to statistics from the International Trade Centre (ITC), Japan’s tuna imports in the first 8 months of 2024 continued to decline. The country reduced imports from most of its main suppliers, with Vietnam experiencing the lowest drop among them.
The Ministry of Internal Affairs and Communications of Japan (MIC) reported that household spending in Japan increased in May 2024 for the first time, ending a 14-month trend of tightened spending. Japan’s economy has also returned to positive growth after two consecutive quarters of contraction. The Japanese government is also considering spending JPY 21.9 trillion (approximately USD 141 billion) as part of a newly approved economic stimulus package to mitigate the impact of inflation on households. This is expected to boost seafood consumption, including tuna, in Japan and stimulate imports.
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By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
(Reference: VASEP)
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