After a consecutive growth in 2022, Vietnam’s tuna exports to Canada went down continuously in the first three months of 2023, leaving the accumulated value of the first three months of over USD 4.3 million, down 70% from the same period last year.
Exports of Vietnamese frozen tuna meat/loin HS0304 declined by 86% in the first quarter this year. On the other hand, exports of canned tuna HS16 rose and reached nearly USD 1.2 million, up 102% from the same period last year.
“Financial health” of Canadian consumers was hit in 2022 when the cost of living in this North American country hit an all-time high. Even though inflation starts to go down, prices of some daily necessities are rising. This affects the consumption of high-end seafood products in this market, including fresh and frozen tuna.
Besides, Canada has reduced its carbon footprint in consumption and come back with products imported from South America, resulting in difficulties for Vietnamese seafood. On the other hand, Canada is boosting free trade agreements with South America, thus Vietnam will have more competitors such as Ecuador and Indonesia.
These challenges will affect Vietnam’s tuna exports to Canada with potential reduction of market share. Thus Vietnam’s businesses must pay attention to the quality of products and competitive prices, especially when competitors start to enjoy benefits from free trade agreements.
Vietnam’s tuna exports to Canada may not thrive in the next few months.
VFM
