Tuna exports to the UK market reverse decline

Vietnam Association of Seafood Exporters and Producers said that Vietnam's tuna exports to the UK market, after a period of good growth, decreased in September 2023, down 36% compared to the same period in 2022.

Cumulatively in the first 9 months of 2023, tuna exports to this market still increased by 48% over the same period last year, reaching more than 5.5 million USD.

In terms of product structure, Vietnam exports the most frozen tuna meat/loins (HS code 0304) to the UK market, accounting for more than 94% of total export turnover. Compared to the same period in 2022, Vietnam's exports of fresh and frozen tuna products to the UK are increasing sharply.

According to statistics from the International Trade Center (ITC), by the end of July 2023, UK tuna imports reached more than 291 million USD, up 4% over the same period. After a period of continuous decline since the beginning of the year, UK tuna exports increased again in July.

In the first months of 2023, the UK had one of the highest inflation rates among major economies. High inflation has affected seafood sales, including tuna, in this country. Demand for tuna products and long-lasting seafood such as canned tuna, packaged tuna, etc. has decreased sharply.

However, according to a report by Kantar Worldpanel (a division of market research company Kantar Group headquartered in London, UK), the rate of food inflation in the UK has dropped back to single digits for the first time since July 2022.

Specifically, the annual food inflation rate in the UK was 9.7% in the four weeks to October 29. This is a signal that the tuna market in this country is likely to recover.

Vietnam is currently the 13th largest tuna supplier in this market, after Ecuador, the Philippines, Thailand and Indonesia, with a very modest proportion of 1%.

According to businesses, because the UK's requirements for fishing products are equivalent to the EU's, while Vietnam's fishing products are under the EC's "yellow card" order, the competitiveness of Vietnamese tuna in the UK market is low.

Source link