Vietnam's frozen tuna exports continue to grow

After a decline in exports in 2023, Vietnam's frozen tuna meat/loin exports have grown continuously in the first 8 months of 2024. Notably, in August, the export value of Vietnam's frozen tuna meat/loin products reached a high level since the beginning of the year, reaching more than 51 million USD, up 19% over the same period.

Vietnam's frozen tuna meat/loin product exports continued to grow in the first 8 months of 2024. Photo: MH

Among the exported tuna products, the export turnover of frozen tuna meat/loin products of Vietnam with code HS0304 always accounts for the highest proportion in the total export value. The exported tuna products of Vietnam with code HS0304 are usually products such as frozen tuna loin; tuna steak or saku cut...

According to statistics from Vietnam Customs, frozen tuna meat/loins have been exported to more than 70 markets around the world. Of which, the US, EU, Russia, Canada and Israel are the 5 markets that import the most of this product group from Vietnam. Compared to the same period, Vietnam's frozen tuna meat/loins exports to all 5 markets mentioned above increased.

In the US market, exports of frozen tuna meat/loins have been on a continuous growth trend since the beginning of the year and reached a peak in August of more than 23 million USD. In the first 8 months of 2024, exports to this market reached 137 million USD, an increase of 15% over the same period in 2023. However, towards the end of the year, the export growth rate to this market is slowing down.

Meanwhile, exports to the EU market in the first 8 months of 2024, although still increasing compared to the same period in 2023, reached 55 million USD, up 9% compared to the same period in 2023. However, the export trend is unstable over the months. The Netherlands, Lithuania and Belgium are the 3 largest import markets for this product group from Vietnam in the EU. The most notable of these markets is the Netherlands. This Western European country has tended to increase imports of frozen tuna meat/loin products from Vietnam for many months, with a growth rate of 3 digits.

However, towards the end of the year, the export value to this market is no longer as high as in the first months of the year. In the first 8 months of 2024, the export value of frozen tuna meat/loins from Vietnam to the Netherlands increased by 68%, reaching nearly 18 million USD. According to businesses, tariff incentives under the EVFTA are an advantage in promoting the export of this product group from Vietnam to the EU. However, the tension in the Red Sea has caused high freight rates, which is greatly affecting the export of this product group.

Notable among the export markets in the first 8 months of this year is the increase in exports to the Russian market. By the end of August 2024, frozen tuna meat/loins exports to this market increased by 80%, reaching nearly 18 million USD. This figure has made Russia the second largest single frozen tuna meat/loins import market of Vietnam after the US. With preferential tariffs and a convenient transportation system, Russia is a potential market for Vietnamese tuna during this period.

Source: https://congthuong.vn/xuat-khau-ca-ngu-dong-lanh-cua-viet-nam-tiep-tuc-tang-truong-351702.html