VIETNAM TUNA EXPORTS DROP
Vietnam tuna exports drop. In September 2023, Vietnam’s tuna exports reached 72 million USD, down 8% over to the same period in 2022 and down 18% over to August.
Regarding products, Vietnam’s exports of frozen tuna meat/loin products with code HS0304 continued to decline in September. Therefore, accumulated in the first 9 months of 2023, exports of this product group decreased by 41%, reaching 315 million USD. Vietnam’s canned tuna exports followed a downward trend this month, down 15% over the same period. Therefore, Vietnam’s total export value of this product group in the first 9 months of 2023 decreased slightly by 0.2% over the same period.
Meanwhile, exports of other processed tuna products, mainly frozen steamed tuna meat/loin, tended to increase faster in September, with an increase of 97%. This increase has raised the total export value of this product in the first 9 months of 2023 to more than 107 million USD, up 29% over the same period.
Regarding markets, tuna exports to some major markets like Canada and Russia showed signs of recovery in September after a period of decline, with increases of 44% and 124% respectively. Meanwhile, exports to some traditional markets like the EU and Israel reversed to decrease.
In the US market, tuna exports did not maintain the growth momentum in August. The tuna exports value to this market decreased slightly by 1% in September. Accumulated for the first 9 months of 2023, tuna export turnover to this market decreased by more than 41% over the same period.
According to a report published on September 26 by Conference Board, a non-profit consulting organization, the US consumer confidence index decreased from 108.7 in August to 103 in September. This is the second consecutive month of decline and is the lowest since May. This shows that Americans may tighten their belt, which may continue to inhibit US tuna market recovery.
Along with the US, tuna exports to the EU, after continuous growth over the past 4 months, decreased by 25% in September. One of the reasons for the decrease in exports to this market is the decrease in exports to Germany. According to statistics from Vietnam Customs, tuna exports to Germany, after a period of continuous growth, suddenly decreased sharply in September, down 48% over the same period. Contrary to Germany, Vietnam’s tuna exports to the Netherlands and Italy continued to grow well in September. According to businesses, the EU’s preferential tariff quotas for Vietnam’s canned tuna products according to the EVFTA agreement have been used up. And it is expected that this will inhibit export orders to the EU market.
Along with that, the Israel – Hamas War broke out, exports to Vietnam’s second largest single tuna import market will continue to decline. Not only exports to Israel, exports to Middle Eastern countries will also slow down. Therefore, Vietnam’s tuna exports in the last quarter of the year are unlikely to be positive.