According to the General Department of Vietnam Customs, tuna exports displayed a good growth in March, up 58% from the same period last year, bringing in USD 104 revenue and pushing the total export value of tuna in the first three months up to the new peak over the last five years.
The accumulated value of tuna exports in the first three months reached more than VND 259 million, up 72% from the same period last year and increasing by 1.6 times as compared to the same period of 2019 when the Covid-19 pandemic had not occurred.
High value orders of frozen tuna fillet HS0304 were increasingly placed in the first three months of the year, reaching USD 184 million, up 123% from the same period last year. Remarkably, the density of the export value of this category increased from 55% in quarter 1 of 2021 to 72% in quarter 1 this year. Likewise, exports of other processed tuna products, mainly frozen steamed tuna loin, increased by 37% from the same period last year. Meanwhile, exports of canned tuna were in a downward trend.
Noticeable sales of Vietnamese tuna to the main destinations in March was driven by the recovering demand in markets.
As of late March 2022, Vietnam saw a worth of USD 137 million in exporting tuna to the US, up 116% from the same period last year. The export value in March 2022 reached nearly USD 57 million, up 84%. The US continues to be the largest importer of Vietnamese tuna.
Preferential tariffs upon the EVFTA continue to facilitate Vietnam’s exportation of tuna to the market in March 2022. However, the escalating freight charges have affected the exportation when cargoes have been delivered by CFR. The growth speed of Vietnamese tuna in this market is slowing down with just a 10% increase in March, reaching USD 14 million. The result has contributed to the total export value of Vietnamese tuna to this market up to USD 38 million, up 33% from the same period last year.
On the contrary to the EU, Vietnamese tuna exports to the countries related to the CPTPP have increased. The export value to this bloc increased by 49% in March, reaching nearly USD 14 million. The accumulated export value in the first three months reached USD 30.4 million, up 40% from the same period last year. The export value to Canada reached USD 14 million, up 70%, to Mexico reached USD 4.3 million, up 79% and to Chile reached USD 2.4 million, up 71%. However, exports to Japan continued to fall by 20% from the same period last year, reaching USD 6 million.
Besides those main markets, export value of Vietnamese tuna to other potential markets such as UAD, Dominica and Panama showed a good growth as compared to the same period last year.
Vietnam will continue to see growth in sales of tuna in the next few months. However, the exportation has to face the material shortage, ascending prices of material tuna, and the increase of freight charges.