Vietnam's frozen tuna exports grow strongly, reaching over 51 million USD in August

(NADS) - Vietnam's frozen tuna exports continue to affirm their leading position in the seafood export industry. In August 2024, the export value of frozen tuna meat/loin products reached a record high since the beginning of the year with more than 51 million USD, up 19% over the same period last year. This marks strong growth after a period of decline in 2023.

Frozen tuna meat/loin (HS0304) accounts for the highest proportion of Vietnam's total tuna export turnover. This product has been exported to more than 70 global markets, with the 5 largest markets being the US, EU, Russia, Canada and Israel. All 5 markets recorded impressive growth in the first 8 months of 2024.

Frozen tuna meat/loin (HS0304) accounts for the highest proportion in Vietnam's total tuna export turnover. Photo: Illustration

In the US market, frozen tuna exports have grown continuously, reaching a peak in August with more than 23 million USD. By the end of August 2024, exports to the US reached 137 million USD, an increase of 15% over the same period in 2023. However, the growth rate is showing signs of slowing down at the end of the year.

Vietnam's frozen tuna exports. Photo: Collected

Frozen tuna exports to the EU also increased by 9% year-on-year to $55 million. However, the export trend has been unstable over the months. Most notably, the Netherlands recorded an impressive triple-digit growth rate, helping Vietnam reach nearly $18 million after 8 months, up 68%. Businesses said that incentives from the EVFTA played an important role, but tensions in the Red Sea have caused high transportation costs, affecting exports in recent times.

Among the markets, Russia has emerged as a bright spot with remarkable growth. As of August 2024, frozen tuna loin/meat exports to Russia reached nearly 18 million USD, up 80% over the same period, making Russia the second largest market after the US. Thanks to preferential tariffs and a convenient transportation system, Russia is emerging as a potential market, especially in the context of other markets gradually slowing down.

Source: https://nhiepanhdoisong.vn/tang-truong-manh-me-xuat-khau-ca-ngu-dong-lanh-cua-viet-nam-dat-hon-51-trieu-usd-trong-thang-8-15341.html