19 Apr 2023

In the first quarter of 2023, tuna exports reached more than 180 million USD, down 30% compared to the first quarter of 2022 in the context that the market is still expanding.

According to the Vietnam Association of Seafood Exporters and Producers, tuna export turnover in March 2023 reached more than 72 million USD, down 31% over the same period last year. Accumulated in the first 3 months of 2023, tuna exports reached more than 180 million USD, down 30% compared to the first quarter of 2022.

Tuna exports fell by 31% year-on-year.

Although Vietnam's tuna exporters have made efforts to expand exports to small markets, the increase in volume is not enough to compensate. Meanwhile, the world's major tuna import markets were still heavily affected by inflation and economic slowdown, which reduced consumption demand, leading to the volume and price of Vietnam's tuna exports in the past year. The first quarter of this year also decreased.

According to statistics of the General Department of Customs, Vietnam's exports of tuna products in the first quarter of 2023 decreased compared to the same period last year, except for other processed tuna products (HS16 code). It's mainly tuna loin (the loin on the back of a tuna) steamed and frozen.

Frozen tuna meat/loin products are still the main export products, accounting for 51%. Compared to the first quarter of 2022, the export of this group of products in the first quarter of 2023 decreased sharply by 49%, reaching more than 91 million USD.

Meanwhile, Vietnam's export of canned tuna products has recovered, but the recovery is not much, so it is not enough to compensate for the decrease in the first month of the year. Exports of this product group in the first quarter of 2023 still decreased by 10%.

Notably in the first quarter of 2023, the export proportion of processed tuna products other than HS16 code, mainly in frozen steamed tuna, increased. Export turnover of this commodity group in the first quarter of 2023 increased by 44% over the same period.

By the end of March 2023, Vietnam's tuna has been exported to more than 85 markets around the world. In which, the US, Israel, Japan, Germany, the Netherlands and Thailand are the six single largest importers of Vietnamese tuna, accounting for 60% of total export turnover in the first three months of 2023.

In the US market, although inflation has cooled down, gasoline prices have decreased, but the production costs and prices of essential products in the US are still high, so people still have to tighten their spending during this period, and tend to consume lower priced products. By the end of March 2023, tuna exports to the US reached 64 million USD, down 53% compared to the same period in 2022.

In the EU market, exports to this market after a decline in February increased slightly by 5% in March. The top 3 largest import markets in the bloc have changed. Italy with a "breakthrough" growth rate of 254% in March has replaced Spain as the third largest tuna import market in the bloc. Along with Italy, exports to the Netherlands maintained a positive growth rate in March, reaching 52%. Meanwhile, tuna exports to Germany decreased by 30% over the same period.

Exports to the market bloc of countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are also lower than the same period last year. Although exports to Japan and Mexico continued to grow in March, exports to Canada continued to decline deeply. Therefore, by the end of March, tuna exports to the CPTPP market still decreased by 14%, reaching just over $26 million.

While exports to traditional markets such as the US, Canada, etc. decreased, exports to small markets such as Korea, Peru, UK, China and Hong Kong, or Algeria... increased sharply. Some markets have triple-digit growth such as South Korea up 636%, the UK up 182%, Algeria up 426%.

Currently, the price of raw tuna in the world market has risen to a peak, leading to an increase in the domestic price of tuna. This is making it more difficult for businesses.

Besides, inventories in some large markets such as EU countries are still high, which can last up to the next 2-3 months. Therefore, import demand in these markets will remain low in the next quarter. And it is expected that Vietnam's tuna exports in the second quarter of 2023 are still unlikely to increase over the same period.

Source: congthuong.vn