Rising inflation result in 53% decrease in tuna exports to the US in quarter I
VASEP reports that high inventories and rising inflation in the US have affected domestic consumption earlier this year.
According to VASEP, due to the slump in quarter IV of 2022, tuna exports reached USD 64 million in quarter I of 2023, down 53% from the same period last year.
Exports of most of the categories of Vietnamese tuna to the US market declined as compared to the same period last year, except for frozen steam loin tuna (HS16) which rose by 20%. The exporting price of tuna was down 20% from the same period last year.
Only 36 Vietnamese businesses exported tuna to the US in quarter I this year. Mariso Vietnam, Mowi Vietnam and Dragon Waves are the top companies by value, accounting for 40% of the total tuna export volume to the US.
VASEP anticipated that high inventories and rising inflation in the US affected domestic consumption earlier this year. According to the International Trade Center (ITC), tuna exports into the US in the first two months of the year declined from the same period last year. The US has a downward trend of importing tuna from Asian countries such as Thailand, Vietnam, and Indonesia, and increasing their purchases from neighboring countries such as Mexico or Ecuador.
Thus, Vietnam has been the biggest second supplier of tuna to the US, trailing Thailand and Indonesia. The market share of Vietnamese tuna in the US declined from 21% to 11% in the first two months of 2023.