Vietnam’s tuna exports recovered clearly in the first five months of 2022 after the Covid-19 pandemic. Remarkably, tuna exports to the US reached over USD 251 million, up 102% from the same period last year.
Tuna exports recovered sharply after three years of pandemic
According to VASEP, Vietnam earned over USD 462 million from exporting tuna in the first five months of 2022, up 59% from the same period last year.
Exports of frozen tuna/loin (HS 304) increased by 128.5% as compared to the same period last year, reaching over 316 million worth and accounting for 68% of the total export volume of tuna.
According to VASEP, noticeable sales of Vietnamese tuna was attributed to busier trading and business of the global market of tuna after being hit by the pandemic for more than three years.
Besides, the war between Russia and Ukraine has dragged the world, especially the US and Europe, into a food crisis. The food price has increased by 20-40% from earlier this year, with the chicken price hitting a new record and experiencing a threefold increase. Importers are thinking of replacing tuna with organic tuna protein products with better prices.
Vietnamese tuna accounts for large market share in the US
In the first five months of the year, the US, EU and CPTPP bloc continued to be the top three importers of Vietnamese tuna, with sales to the US growing impressively by 102%.
Tuna exports to the US reached over USD 251 million, up 102% from the same period last year. The US has been the biggest importer of Vietnamese tuna, accounting for nearly 55% of the total Vietnam’s tuna export volume.
According to ITC, the US increased their purchases of frozen tuna fillet from Vietnam and decreased purchases from Thailand in the first four months of 2022.
In the US, the average importing price of tuna increased at 7.63 – 7.65 USD/kg (up about 1 USD/kg) as compared to the same period last year. The price of imported tuna from Vietnam reached the highest at the end of April, around 11 USD/kg, up 2.3 USD/kg from the same period last year.
The EU is the second biggest importer of Vietnamese tuna, with USD 68 million worth being imported in the first five months of 2022, up 9% from the same period last year.
Tuna export value increased by 3.4% in Germany (USD 10.5 million), 69% in the Netherlands (USD 9.8 million), and 100% in Belgium (USD 9.47 million).
According to VASEP, Spain has been dominating the tuna market due to their membership advantages and position as the largest fish market of Europe with competitive prices.
Besides, the EU has been attracting providers in the world such as Ecuador, Papua New Guinea, Philippines, Mauritius, and Seychelles, thus Vietnam will face lots of competitors in the EU market.
Another major destination of Vietnamese tuna is the CPTPP bloc. Vietnam earned USD 54.5 million from exporting tuna to this region in the first five months of 2022, up 46% as compared to the same period last year.
Canada alone accounted for over 42% of the total export value of tuna to this market, valued at USD 23.4 million, up 72%. Tuna export value to Japan increased by 6%, reaching USD 14 million, export value to Mexico increased by 35%, reaching USD 6.5 million, and export value to Chile increased by 59%, reaching USD 4 million.
Besides, tuna exports to the Philippines, Egypt, and Russia showed positive signs in the first five months of the year.