Tuna exports slowed down in April 2022
Vietnam’s tuna exports continued to grow in April but slowed down as compared to previous months. According to the General Department of Vietnam Customs, the tuna export value increased by 46% in April as compared to the same period of 2021, reaching over USD 108 million. The accumulated value of tuna export value by April reached nearly USD 368 million, up 63% from the same period last year.
After the Covid-19 pandemic and the strike in Ukraine, the inflation hit new records in many countries after decades, leaving impacts on the demand for tuna in markets. Thus, some of the importers of Vietnamese tuna started to reduce their purchases while some kept a good growth rate; however such growth would not be sustained in the long run.
Vietnam’s tuna exports to the US continued to grow rapidly in April 2022, with the export value being twice as much as the same period of 202, reaching USD 64 million and leaving the total export value in the first four months of the year of USD 201 million. Such an increase of 112% from the same period last year helped the US retain the position of the biggest importer of Vietnamese tuna, with a density of nearly 55%. Higher demand amidst short supply in the region has boosted the importation into this market.
Like the US, the member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are increasing their purchases of tuna, making the export value to this bloc rise by 35% in April with a worth of nearly USD 11.5 million. The total export value in the first four months of 2022 reached nearly USD 42 million, up 39% from the same period last year. After a consecutive slump, the tuna export value to Japan increased by 20% in April. Meanwhile, sales in Mexico fell by 31% suddenly this month.
Vietnam’s tuna exports to the EU fell after a consecutive growth in the first three months. The export value to this market reached USD 15 million in April, down 18% from the same period last year. The growth earlier this year left a 13% increase of tuna export in the first four months of 2022, reaching USD 53 million. Meanwhile, tuna exports to Germany decreased sharply in April as compared to the same period last year, down 48%. Sales to the Netherlands and Spain continued to rise by 81% and 111% respectively.
Tuna export value to other potential markets such as Saudi Arabia, Egypt, and the Philippines continued to grow from the same period last year.
Intentionally, Vietnam’s tuna exports will increase in the next few months. However, prices of tuna materials all over the world are showing no signs of going down; and yet the increasing production costs have been eating into corporate profits and decreasing the competitiveness.
Besides, countries are working out solutions to inflation control and economic recovery, such as President Biden’s plan of removing the tariff imposed on China. This will enhance the competitiveness in markets and slow down Vietnam’s tuna exports in the next few months.