According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports from the beginning of the year to December 21, 2022, have reached the milestone of 1 billion USD for the first time and it is expected that in the whole year, the result will reach 1.03 billion USD…
Tuna exports continue to grow strongly in the past years: reaching 651 million USD in 2018, 730 million USD in 2019, 648 million USD in 2020, and 733 million USD in 2021. In the first three quarters of 2022, tuna exports grew by up to 55% compared to the same period last year and reached 808 million USD in 9 months.
The value of tuna exports grew by 41%. (Photo: Internet)
THE US MARKET ACCOUNTS FOR NEARLY 50%
After months of good growth despite inflation, Vietnam’s tuna exports stalled in October and November 2022. Specifically, the value of tuna exports in October increased by only 4% compared to the same period in 2021, reaching more than 76 million USD, the second lowest level since the beginning of the year. Tuna exports in November were only 64 million USD, the same as in November 2021. Overall, in 11 months of 2022, the export turnover of tuna reached more than 948 million USD, up 41% compared to the same period in 2021.
The US, Canada, Japan, Israel, and Saudi Arabia are the 05 main import markets of Vietnamese tuna by country alone.
Specifically, in 11 months, tuna exports to the US reached 461 million USD, up 56% compared to the same period in 2021. After peaking in April, the value of Vietnam’s tuna exports to the US has fallen steadily month after month to date. Inflation in the US has reduced but has remained high over the past 40 years. As a result, food prices remained at expensive levels, holding back the purchasing power of this market in the last months of the year.
“In terms of types, the main type for export is still frozen tuna with 631 million USD in 11 months, a growth of 72% compared to the same period last year. Meanwhile, canned tuna has brought 157 million USD and only grew 3%. The rest are other processed tuna products with a turnover of 161 million USD, up 23% against the same period last year. ”
According to the VASEP.
Ranking second in terms of the tuna market, Canada reached 48 million USD in 11 months, up 75%. The third place belongs to Japan with 38 million USD, up 58%. Israel ranks fourth with 31 million USD, up 17%. Saudi Arabia ranks fifth with 28 million USD, up 387% compared to the same period last.
Notably, tuna exports to Thailand continue to maintain high growth momentum, up 120% compared to the same period in 2021. Thailand remains to be Vietnam’s 6th largest single tuna export market in 2022.
According to VASEP, at present, tuna market signals are no longer as positive as in the first half of the year. Rising inflation is reducing purchasing power in markets, especially in the US, Belgian, Israeli, and Egyptian markets and even in capital markets with CPTPP tariffs or geographic advantages. Tuna exports to CPTPP countries in November increased 95% over the same period, reaching 13.5 million USD./.