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Positive Signals from Tuna Export Markets

Click on the flag for more information about Viet Nam VIET NAM
Friday, May 24, 2024, 07:00 (GMT + 9)

According to statistics from Vietnam Customs, tuna exports in April 2024 grew high in most main markets. Tuna export value this month reached nearly 87 million USD, an increase of 29%. Accumulated in the first 4 months of 2024, export turnover reached nearly 302 million USD, an increase of 22%.

Source: Vasep

HS16 tuna exports are increasing

In the past 5 years, Vietnam's processed and canned tuna exports have tended to increase. In the first 4 months of the year alone, the export turnover of this product group has increased from 91 million USD in 2020 to 154 million USD in 2024, an increase of 70%. In particular, Vietnam's canned tuna exports are gradually recovering, higher than the same period in 2019, before the Covid pandemic.

Source: Vasep

On the contrary, exports of fresh and frozen tuna, mainly frozen tuna meat/loin with HS0304 code, are unstable. After peaking in 2022, exports of this product group decreased sharply. Entering 2024, export of product groups has increased again, but the increase is not high - up 6% over the same period.

SourceStockfile FIS -->

According to experts' forecasts, convenience is key for shoppers and value-added seafood that is pre-marinated or ready to heat and eat will continue to attract buyers looking to create combination meals to combine cooking with prepared dishes. Therefore, consumption demand for processed and canned tuna products will improve in the near future.

Exports to major markets accelerated

Entering April 2024, Vietnamese tuna products were exported to more than 90 markets. In particular, tuna exports to main markets such as the US, EU, Israel, Canada, Japan, or Mexico... all increased faster.

Source: Vasep

In the US and EU markets, Russia and Korea, the export growth rate in April 2024 compared to the same period doubled compared to the previous month, reaching 37%, 71%, 32% and 158% respectively. %. Notably, in the EU market, exports to the three leading markets, Italy, Germany and the Netherlands, all grew "gallopingly" at 3 digits.

Along with that, tuna exports to some markets have reversed and increased, such as Japan increased by 33% and Mexico increased by 43%.

<-- Source: Stockfile FIS

However, according to businesses, this growth is due to a decrease in inventory in the markets, but actually market demand is still better.

Currently, the tuna industry is still constrained by a lack of raw materials, because the catch is not enough to meet demand, so it must increase supply from imports. Meanwhile, EU market regulations and Vietnam's new regulations on "Do not mix TS materials originating from imported exploitation with TS materials originating from domestic exploitation in the same export shipment" in Decree 37/2024/ND-CP and regulations on administrative sanctions for this behavior in Decree 38/2024/ND-CP are making this bottleneck more congested.

Author: Nguyen Ha | Vasep (Translated from the original in Vietnamese)

[email protected]
www.seafood.media


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