VIETNAMESE TUNA EXPORTS TO SHOW SIGNS OF RECOVERY
Vietnamese tuna exports to show signs of recovery. According to statistics from Vietnam Customs in September 2020, Vietnam’s tuna exports to the main markets have seen many positive changes, with exports to previous markets with negative growth having recovered, such as the US, EU, and Japan.
Canned tuna is still the only export product group with growth over the same period, up 22%. Meanwhile, Vietnam’s exports of fresh and frozen tuna declined by 30%.
In the US market, Vietnam’s tuna exports to this market showed signs of recovery in the last 2 months after a period of decline due to the impact of the Covid-19 pandemic. The value of Vietnam’s tuna exports to the US in September reached more than US$25 million, up 2% over the same period in 2019. The US is the largest importer for frozen meat/loin tuna code HS0304 and canned tuna during this period. Currently, the market for canned tuna in the US, after a long period of gloom, is showing good growth due to its familiarity with most consumers and the disruption of beef, pork and poultry supplies by the Covid-19 pandemic. The country’s tuna imports are on an increasing trend compared to the same period in 2019. It is expected that in the coming time, US canned tuna imports will continue to soar.
In the EU market, after two months of the Free Trade Agreement between the EU and Vietnam (EVFTA) took effect, Vietnam’s tuna exports to the EU had a high growth in September, up 51% compared to in the same period in 2019. Notably, Vietnam’s tuna exports to Italy in September skyrocketed by 8,599% over the same period. This has made Italy the largest tuna importer of Vietnam in the EU in the first 9 months of 2020. The EU eliminates tariffs on fresh and frozen tuna products (except frozen loin/fillets tuna HS0304) right after the agreement takes effect, these products of Vietnam become more attractive to EU countries. Besides, processed and canned tuna products of Vietnam are also interested in this market. With this result, it can be seen that the door to the EU market is opening wider for Vietnamese tuna businesses.
In addition to the US and EU markets, Vietnam’s tuna exports to Japan and Canada also grew in September. Vietnam’s tuna exports to Japan after 3 consecutive months of decline have lifted again. Japan has been tending to increase the import of processed tuna from Vietnam, particularly frozen meat/loin tuna of all kinds. The export value of this item accounted for nearly 55% of the total export value of Vietnamese tuna to this market. And Canada is a bright spot market for Vietnam this year, with continuous three-digit growth in recent months.
In contrast, Vietnam’s tuna exports to Egypt in September suddenly declined. The decrease year-on-year was not too high but showed that competition in this market was increasing.
The world markets are about to enter the year-end festival season, so it is expected that the demand for tuna will be more positive. This will promote Vietnam’s tuna exports to markets, especially major markets such as the US, EU.