According to the General Department of Customs, Vietnam’s tuna exports in October were nearly 93 million USD, up 22% compared to the same period last year. This is the first time in over two years that the monthly export value of tuna from Vietnam has reached over 90 million USD.
In 10 months of 2024, the total export value of tuna was over 821 million USD, up 18% compared to the same period in 2023.
If this growth continues, Vietnam’s total tuna export turnover this year could reach one billion USD, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Tuna is one of the leading agricultural export products of Vietnam. The first time Vietnam’s tuna exports surpassed one billion USD was in 2022. By 2023, due to the overall market difficulties, tuna exports decreased to below one billion USD. However, Vietnam has risen to become the fifth-largest tuna exporter in the world in terms of value, following Thailand, Ecuador, Spain, and China.
Tuna exports have increased by 18% in 10 months of 2024.
Vietnam’s tuna products have been exported to over 100 markets worldwide. Among them, the US, EU, Middle East, and CPTPP countries are the four largest consumers of Vietnam’s tuna.
The US is one of the markets with strong growth. Tuna exports to this market have shown positive signs again in the final months of the year, after slowing down in the third quarter. It is mainly due to increased seafood consumption during the year-end holiday season. Accordingly, tuna exports to the US increased by 30% in October.
The Middle Eastern market is also increasing its import of Vietnam’s tuna. Exports to this bloc have grown significantly in 10 months of 2024, such as Israel increasing by 55%, Egypt by 70%, and Saudi Arabia by 72%.
The value of tuna exports to Japan in October increased by nearly 31% compared to the same period last year.
However, Vietnamese tuna exporters still face many challenges in the last months of the year. Although international shipping freight rates have decreased, difficulties with domestic raw material sources and the impact of the conflict between Israel and Iran are expected to affect the growth of exports.
In addition, the high tariffs on canned tuna from Vietnam also pose a significant challenge. According to the Vietnam Customs, canned tuna is now the second-largest key export product in the total tuna export, accounting for over 30% of the total export turnover. The US, Israel, and the EU are the three largest importers of canned tuna from Vietnam.