According to VASEP, Vietnam earned $52 million from exporting tuna in February, down 11% from January due to the Lunar New Year holiday. In the first two months of the year, tuna exports brought in over $131 million, up 21% from the same period in 2023.
The US is the largest market for Vietnamese tuna with $45 million worth, up 23%. The European market comes second with $29 million, up 28%. Notably, while tuna exports to Germany and the Netherlands have declined, exports to Italy and Poland are rising significantly compared to the same period last year.
Israel is the third-largest destination with $13 million, up 40% year-on-year. Tuna exports to member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are also growing strongly. In this market bloc, tuna exports to Canada and Chile have surged in February, by 146% and 116% respectively.
By February, all tuna categories showed growth y-o-y, except for frozen tuna meat/loin (HS code 03034) and frozen steamed tuna loin. However, these items only experienced slight decreases of 1% and 3% respectively.
Meanwhile, exports of canned tuna products saw a strong increase by 53%. The export proportion of canned tuna exports is nearly equivalent to frozen tuna meat/loin products.
Vietnam’s tuna exporters have been mounting efforts to expand the markets from the beginning of the year. In the first two months of 2024, tuna products have been exported to over 80 markets, compared to 70 markets of last year.
According to VASEP, tuna exports to the EU are expected to continue to rise in the first quarter of the year due to tariff preferences under the EVFTA. While tuna raw material prices have cooled down worldwide, the tension in the Red Sea has led to higher freight rates, keeping the prices of finished tuna products high and restraining demand. Additionally, the IUU yellow card remains a challenge, and failure to address it in 2024 could stall exports to the EU.
VFM
