Tuna exports hit a record high in October after more than two years

For the first time in 25 months, the monthly export value of tuna exceeded USD 90 million. If this growth momentum continues, Vietnam’s tuna exports are projected to close 2024 with total revenue of around USD 1 billion, representing an 18% rise.

Exports of all tuna product categories from Vietnam saw growth in October. Notably, frozen tuna fillet/loin products under HS code 0304 experienced rapid growth towards the end of the year.

The exhaustion of preferential tariff quotas and challenges related to IUU compliance hindered tuna exports to the EU in the final months of the year. Exports to this bloc fell by 15% in October, but robust growth earlier in the year ensured a cumulative 10-month increase of 17%.

In contrast, exports to the U.S. rebounded after a slowdown in Q3, gaining momentum towards the end of the year. Rising seafood demand during the holiday season, coupled with the impact of the presidential election, drove up U.S. tuna imports. Tuna exports to this market grew by 30% in October.

Similarly, the Middle Eastern bloc is increasingly importing tuna from Vietnam. Exports to this region have been accelerating, with significant growth in major markets during the first 10 months of the year: Israel rose by 55%, Egypt by 70%, and Saudi Arabia by 72%. Although political conflicts in the region affected exports to countries like Israel and Iran, the signing of the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE has bolstered tuna exports to the Middle East.

October also saw a remarkable recovery in tuna exports to Japan, with value increasing by nearly 31% compared to the same period last year. Japan’s economic outlook has significantly improved after a prolonged downturn, and its domestic currency has strengthened substantially since September. This economic recovery has spurred seafood import demand, including tuna.

VFM