Vietnam’s tuna exports show mixed results in August

Vietnam’s tuna exports saw a modest 3% increase in August 2024, reaching nearly USD 90 million, bringing the total value for the first eight months of the year to USD 648 million, a 19% rise year-on-year. However, the domestic skipjack tuna supply has been limited due to Decree 37/2024, affecting canned tuna exports, which have seen consistent declines since May. Despite a strong performance earlier in the year, the cumulative export value for canned tuna in 2024 remains up by 19%, at over USD 196 million.

Frozen tuna fillets and loins (HS0304) continue to grow, though at a fluctuating pace. Exports to Israel and Russia showed remarkable rebounds, with August increases of 143% and 119%, respectively. In contrast, the U.S. and EU markets experienced slower growth or declines. Exports to the U.S. rose by just 1% in August, with a cumulative total of USD 243 million for 2024, up 17% from the previous year. Challenges in logistics, such as rerouting to avoid the Suez Canal due to security risks, have increased shipping times and costs, impacting exports to the U.S.

In the EU, competition among suppliers has intensified, reducing Vietnam’s advantage in the region. This has been exacerbated by a sharp decline in domestic skipjack tuna meeting export requirements. As a result, tuna exports to the EU fell by 15% in August, with Italy and Germany registering significant declines of 50% and 64%, respectively.

VFM