Vietnam’s canned tuna gains market share in the U.S.
After nearly six months of decline, Vietnam’s canned tuna exports to the U.S. showed signs of recovery in October, reaching nearly USD 12 million in value, a 16% increase compared to the same period in 2023. Over the first 10 months of 2024, total export value exceeded USD 87 million, reflecting a 17% year-on-year growth.
The U.S. has been Vietnam’s largest market for canned tuna for years, accounting for 36% of the country’s total export revenue in this category.
In the U.S. canned tuna market, import volumes peaked in 2022 but have since dropped significantly. By 2024, imports have stabilized at similar levels to the previous year. Asian suppliers have been actively expanding their market share in the U.S., with Thailand continuing to lead as the top supplier. However, Thailand’s export volume has remained steady, while imports from Vietnam and South Korea have increased.
Meanwhile, suppliers in Mexico, Indonesia, and Ecuador are losing ground in the U.S. market, with Indonesia experiencing a consistent decline in shipments over the past three years. Vietnam has now overtaken Mexico to become the second-largest supplier of canned tuna to the U.S., behind Thailand, holding 12% of the total import volume. Vietnamese exporters have also reduced prices to remain competitive, with the average price now at USD 4,670 per ton.
The U.S. economy is recovering rapidly, supported by higher wages and increasing asset values. In its latest World Economic Outlook report, the International Monetary Fund (IMF) raised growth projections for the U.S. in both 2024 and 2025, making it the only developed economy with improved forecasts for two consecutive years. This economic momentum is driving greater domestic consumption and retail seafood sales, including tuna, offering Vietnamese exporters an opportunity to further expand their market share.
However, the outcome of the recent U.S. presidential election, which saw the reelection of Donald Trump, could impact Vietnam’s tuna exports. Proposed tariffs of 60-100% on Chinese goods and 10-20% on imports from other countries could cause significant market shifts. Before such tariffs take effect, a temporary surge in canned tuna exports may occur as buyers stockpile inventory to avoid higher costs. Still, rising transportation expenses during this period could offset potential profit gains.
VFM
