Photo: Vasep/FIS
Vietnam's Frozen Tuna Meat and Loin Exports Continue to Surge
VIET NAM
Monday, October 14, 2024, 06:00 (GMT + 9)
Following a decline in 2023, Vietnam's exports of frozen tuna meat and loins have steadily increased in the first eight months of 2024.
Notably, in August, the export value for these products reached over $51 million, marking the highest level this year and a 19% increase compared to the same period last year, according to Ms. Nguyen Ha, a tuna market expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).
Among the various tuna products exported, those classified under HS code 0304—primarily frozen tuna loins and steaks—consistently represent the largest share of the total export value.
5/8 lb 13.6 kg Frozen Wild Tuna Loin Tasteless IVP Vietnam MSC -->
Statistics from Vietnam Customs reveal that frozen tuna meat and loins have been exported to over 70 markets worldwide. The top five importers of these products from Vietnam are the US, EU, Russia, Canada, and Israel, all of which saw increases in imports during this period.
In the US market, exports of frozen tuna meat and loins have shown steady growth, peaking at over $23 million in August. For the first eight months of 2024, total exports to the US reached $137 million, a 15% increase from the same period in 2023. However, growth appears to be slowing as the year progresses.
Meanwhile, exports to the EU during the first eight months of 2024 also rose, totaling $55 million—a 9% increase compared to last year. This growth, however, has not been consistent month-to-month. Within the EU, the Netherlands, Lithuania, and Belgium are the top importers, with the Netherlands demonstrating a remarkable surge in imports from Vietnam, boasting a 68% increase to nearly $18 million. The EU-Vietnam Free Trade Agreement (EVFTA) has provided tariff advantages, boosting exports to this region. However, rising freight costs due to tensions in the Red Sea are posing challenges.
Notably, the Russian market has seen a significant increase in imports, with frozen tuna meat and loin exports surging by 80% to nearly $18 million by the end of August 2024. This development makes Russia the second-largest single importer of these products from Vietnam, following the US. With favorable tariffs and an efficient transportation system, Russia represents a promising market for Vietnamese tuna.
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