Tuna exports fell after two months of consecutive growth
According to the Agro Processing and Market Development Authority, after two months of growth, Vietnam saw a slump in tuna exports, with sales in major markets in November reducing as compared to the same period last year.
As of November, Vietnam brought in $594 million from exporting tuna, down 11% as compared to the same period last year. Exports of fresh and frozen tuna continued to drop, while sales of processed and canned tuna continued to rise.
Sales of Vietnamese tuna in the US market reached nearly $261 million, accounting for 44% of the country’s tuna export value and decreasing by 12.4% as compared to the same period last year. Exports of fresh and frozen tuna to this market continued to fall due to the COVID-19 pandemic.
Meanwhile, exports of processed and canned tuna continued to rise at a moderate speed, which failed to compensate for the slump of fresh and frozen tuna amounts.
That was attributed to the increase in sales of Chinese canned tuna in the US market, resulting in a tough competition faced by Vietnam’s companies who have been struggling with boosting sales to this market in the last months of the year.
On the contrary, Vietnam’s tuna exports continue to enjoy benefits of the EVFTA in the EU market, with a slight increase in tuna export value in November. This resulted in a 0.5% increase in the total export value in the first eleven months of 2020 as compared to the same period last year.
Tariff preferences on Vietnamese frozen tuna and canned tuna have triggered the growth of these two products in the EU in the first eleven months of the year.
ASEAN, where the COVID-19 pandemic didn’t hit hard like the US or the EU countries, saw a limited demand for tuna this year.
Many countries reduced their purchases of tuna as compared to the same period last year. As of November, total export value of tuna to ASEAN reached $35.5 million, down nearly 28% as compared to the same period last year. Meanwhile, exports to Thailand decreased by 27.5%.
After bouncing back in September and October, sales of Vietnamese tuna to Japan decreased, making the export value to this market fall by 26% in November as compared to the same period last year.
However, thanks to growth in the previous months, exports to this market are 1% higher than the same period last year, reaching more than $26 million.