Tuna exports to the US and EU accelerate again

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in August 2023, Vietnam's tuna exports reached more than 87 million USD, down 5% over the same period in 2022. This is the lowest decrease and the highest value since the beginning of 2023.

In the first 8 months of this year, tuna exports reached 545 million USD, down 25% over the same period.

In August this year, tuna exports to major markets fluctuated. The highlight was the growth of the US market after a period of continuous decline.

Data shows that tuna exports to the US in the month increased slightly by 2% year-on-year, mainly due to the growth of canned tuna (+24% year-on-year).

However, due to the sharp decline in the first months of the year, in the first 8 months of 2023, tuna exports to the US still decreased by 45% compared to the same period, reaching nearly 208 million USD.

In the EU, this market is also showing signs of acceleration as Vietnam's tuna export turnover to this market has increased by 37% over the same period.

Tuna exports to the US and EU are accelerating again. Illustrative photo

In contrast, tuna exports to Israel fell sharply in August, down 57% year-on-year, despite previous good growth. Of which, processed and canned tuna products to this market recorded a decrease of 82% year-on-year. However, thanks to the good growth in the previous period, in the first 8 months of 2023, tuna exports to Israel still increased by 50%.

In the CPTPP market, exports to member markets have not shown any signs of improvement. Exports to Japan, Canada and Mexico all fell sharply in August, by -53%, -49% and -14% respectively compared to the same period last year.

Up to now, according to VASEP, Vietnam's tuna exports are gradually narrowing the decline compared to the same period last year. However, it is very difficult for exports to key markets such as the US, Japan or Canada to return to the same period last year.

However, the decline in raw tuna prices worldwide is boosting demand from importers in the final months of the year. Therefore, it is expected that tuna exports in the coming months will return to the same level as in the same period in 2022.

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