Tuna export value reached USD 85 million in July, down 50% from June. Meanwhile, tuna exports declined in the US and increased in Europe.
According to VASEP, Vietnam’s tuna exports slowed down in July due to increasingly high material costs and fluctuation of exchange rate. Tuna export value reached over USD 85 million, down 50% from Juny but up 32% as compared to the same period last year.
This number helps increase the total export value of tuna up to USD 638 million in July, up 52% from the same period last year.
Meanwhile, tuna export value to the US reached USD 38 million in July, down nearly 50% from July but up 34% from the same period of 2021. The accumulated value of tuna exports in the first seven months of the year reached USD 339 million, up 86% as compared to the same period last year.
The increasing inflation continues to boost the demand for affordable tuna products in the US. Imports of processed and canned tuna HS16 to the US have increased in the last three years, especially frozen steamed tuna loin, materials for processing canned tuna.
According to the Bureau of labor statistics of the US, inflation has attained its fast speed over the last decades. The food price has increased by nearly 11% in July as compared to the same period last year. This will greatly affect the importation of tuna into the US in the next few months.
On the contrary, exports of tuna to the EU will increase in July after months of slump.
Export value to the EU market reached USD 14 million in July, up 16% as compared to the same period last year, leaving the accumulated value of the first seven months of USD 92 million, up 5%.
Germany, Belgium, and the Netherlands continue to be the top three importers of Vietnamese tuna in this bloc but with unequal growth. While exports to Belgium increased by 130% in July, exports to the Netherlands stayed the same and sales to Germany declined.
Except for the US, EU and CPTPP have been the major markets for Vietnamese tuan.
Vietnam saw a rapid increase in tuna exports to CPTPP in July as compared to June. While tuna export value to Canada skyrocketed by 234% from the same period last year, reaching nearly USD 6 million and Japan maintained its growth rate, sales to Mexico and Chile declined by 15% and 34% respectively in July.