Tuna export turnover decreased sharply in the first month of the year, reaching just over 50 million USD. This result is down 43% over the same period in 2022.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said that in Jan 2023, Vietnam’s tuna exports continued to decline sharply. The tuna export turnover in the first month of the year was only over 50 million USD, down 43% over the same period in 2022.
Specifically, 2022 is the year that records the mark of Vietnam’s tuna industry when it brings in an export turnover of more than one billion USD. Compared to 2021, the result is up 34%. However, this growth is due to the strong growth in the first three quarters of 2022. By the fourth quarter of 2022, the impact of inflation in Vietnam’s tuna export markets decreased, so this trend continued in the first months of 2023. Exports to major markets in Jan 2023 also fell sharply.
Vietnam’s tuna exports continue to decline strongly following the trend of the last quarter of 2022. Tuna export turnover this month was just over 50 million USD, down 43% over the same period in 2022.
Accordingly, the decline took place in most commodity groups, except for processed tuna other than HS16 (mainly frozen steamed tuna loin). In particular, exports of frozen tuna meat/loin HS0304 decreased the most by 55%. Meanwhile, exports of fresh/frozen and dried tuna decreased by 54% and canned tuna by 46%.
Vietnam’s tuna exports in the first month of the year are forecast to not be better yet when the world economy is still gloomy.
The US is still the largest tuna export market of Vietnam, but the proportion of this market decreased compared to the previous year. The export value of tuna to this market in Jan 2023 only reached over 16 million USD, down 63% over the same period last year. Although inflation in the US has cooled down, concerns about the economic downturn are causing Americans to hold back on spending and inventory to remain high. This is affecting the US’s tuna imports from other countries.
Along with the US, the EU also recorded a sharp decline in the first month of the year, by 42%, reaching nearly 9 million USD. This decline has caused the proportion of this market to decrease and the EU to fall to the third position among the largest import markets for Vietnam’s tuna. The key markets for tuna exports in this group in Jan were Germany up 25%, the Netherlands down 52%, and Spain down 52%.
It is known that the Middle East is the fourth-largest tuna export market of Vietnam in 2022 with a growth of 15%. However, by 2023, tuna exports to this region are forecast to be less vibrant as the regional economy slows down.
In the CPTPP market, Vietnam’s tuna exports in Jan increased slightly by 6%. Although tuna exports to the largest import market in the bloc, Canada, decreased by 29%, exports to Japan and Peru increased by 38% and 53% respectively.
From the above fact, VASEP forecasts that Vietnam’s tuna exports in the first months of the year have not been able to become better yet when concerns about the global economic recession and inflation are causing the demand for tuna and imports of markets to decrease. However, at the beginning of the year, FTAs are the motivation for Vietnam’s tuna exports to other markets./.