| Tuna exports to the UK market reverse decline Tuna exports expected to recover in the last months of the year |
After a decline in the fourth quarter of 2022, Vietnam's canned tuna exports have shown an upward trend in 2023, but the growth rate is not high. In the first 10 months of 2023, Vietnam's canned tuna exports reached more than 205 million USD, up 7% over the same period last year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), by the end of October 2023, Vietnam's canned tuna had been exported to more than 64 markets worldwide. Of which, the US, EU, Israel, Canada, Chile and Egypt were the six largest import markets, accounting for more than 81% of the total export turnover of this product group.
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| In the first 10 months of 2023, Vietnam's canned tuna exports reached more than 205 million USD. Photo: Vietnamnet |
From the beginning of the year, canned tuna exports to the US and Canada have been continuously decreasing. However, in the second half of the year, exports to the US have shown signs of recovery, while the Canadian market has increased again in the last quarter of the year. In the first 10 months of 2023, canned tuna exports to the US still decreased by 5%, reaching nearly 75 million USD, while Canada decreased by 4%, reaching more than 10 million USD.
Along with the US and Canada, exports to Egypt, a major importer of canned tuna from Vietnam in 2022, also declined this year. Heavily affected by the domestic economic crisis, Egyptian importers have continuously cut import orders from Vietnam this year. Canned tuna exports to this market in the first 10 months of the year decreased sharply by 62% compared to the same period last year.
Canned tuna exports to markets with Free Trade Agreements (FTAs) with Vietnam have improved again. Specifically, exports of this product group to the EU market increased by 33%, Chile increased by 132%, Japan increased by 17%...
In the EU market, tariff incentives under the FTA agreement between Vietnam and the EU (referred to as EVFTA) are creating attraction for Vietnamese products. Especially in the context of a severe drought in the Panama Canal, which has made the supply of canned tuna from Ecuador to this market difficult. Vietnam's exports of this product group to some EU markets are increasing at a "skyrocketing" rate, such as the Netherlands increasing by 114%, Italy increasing by 368%, Poland increasing by 237%...
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