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Image: Vasep / FIS
Tuna Exports to Canada Have Accelerated
(VIET NAM, 1/12/2024)
Continuing the growth momentum in September, Vietnam's tuna exports to Canada grew continuously in the last months of the year. In November 2023 alone, the value of tuna exports to this market increased by 117%. This figure has contributed to raising the total export value in the first 11 months of 2023 to nearly 31 million USD, down 37% compared to the same period in 2022.
According to statistics from the International Trade Center (ITC), in the first 9 months of 2023 Canada's tuna imports from countries reached nearly 154 million USD. Vietnam ranked third, with a market share of 12%, after Thailand and Italy.
Source: Vasep
Among tuna products, Vietnam mainly supplies frozen tuna meat/loin and canned tuna to the Canadian market, with a proportion of 54% and 40% respectively. In 2023, Vietnam's exports of these two product groups to Canada will both decrease compared to 2022.
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According to the Vietnam Trade Office in Canada, high domestic logistics costs in Canada in 2023 make Vietnam's export prices less competitive compared to neighboring South American countries. Besides, there is the low CAD exchange rate policy and especially due to the economic recession in Canada. In addition, Canada tends to promote policies towards the South American economic bloc, which is clearly impacting Vietnam's seafood exports.
In addition, high transportation fuel prices, slow loading and unloading of goods at ports in Canada due to lack of workers, especially the prolonged strike at Vancouver port from June until now are also reasons. making Vietnamese goods less competitive than South American exporters.
On the other hand, in monetary policy, Canada is currently trying to maintain a low exchange rate policy against the USD to promote exports. There are times when the CAD/USD has reached 0.80, but it is predicted that the Bank of Canada will maintain around 0.76 from now until the end of the year. This exchange rate policy has made Vietnamese goods relatively expensive in the area because the export price is USD, significantly impacting Vietnam's ability to promote exports to the area in the last months of the year.
Author Nguyen Ha | Vasep (Translated from the original in Vietnamese)
[email protected]
www.seafood.media
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