In June 2024, Vietnam’s tuna exports to Korea reached nearly 6 million USD, an increase of nearly 6 times compared to the same period last year.
According to the Vietnam Association of Seafood Exporters and Producers, in the past 3 months, Vietnam’s tuna exports to Korea have grown at a 3-digit rate. Notably, tuna exports to this market in June peaked. The export value reached nearly 6 million USD, an increase of nearly 6 times over the same period in 2023.
Tuna exports to South Korea have increased sharply.
In the first six months of 2024, tuna exports to South Korea reached more than 14 million USD, up 144% over the same period last year. Korea has become one of the top 10 single markets, importing the most tuna from Vietnam.
This breakthrough is mainly due to Vietnam’s competitive prices. Enterprises have updated the trend of seafood consumption in South Korea, especially when people in this country tend to reduce their spending. It has created favorable conditions for Vietnamese seafood to increase exports.
The Vietnam-South Korea Free Trade Agreement (VKFTA), which took effect in December 2015, has promoted economic, trade, and investment cooperation between the two countries. In addition, both are parties to the Regional Comprehensive Economic Partnership (RCEP), and South Korea is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Vietnam is a member.
Currently, the South Korean market imports mainly processed and canned tuna from Vietnam, accounting for 99% of total export turnover. Seafood consumption in South Korea has changed following the trend of reducing consumer spending, which is an opportunity for Vietnamese seafood to promote the export of products at appropriate prices. It is forecast that exports to South Korea will continue to benefit from their closed geographical location and stable demand. With a population of more than 51 million, South Korea is a potential market for Vietnam’s tuna exporters, with a strong growth trend from last year.