VIETNAM’S TUNA MARKET SHARE IN CHILE INCREASED SHARPLY

Vietnam’s tuna market share in Chile increased sharply. After the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect from January 2019, Vietnam’s tuna export turnover to Chile has prospered. Even when the outbreak of the Covid-19 pandemic hindered tuna export to other markets, Vietnam’s tuna export to Chile still maintained the growth. Vietnam tuna exports to Chile increase continuously in the first 5 months of 2022.

According to statistics of Vietnam Customs, tuna export to Chile in the first 5 months of 2022 reached more than 4 million USD, a rise of nearly 59% compared to the same period in 2021. In particular, tuna exports to this market have recorded 3- digit growth in some months. Chile is currently importing a lot of frozen tuna meat/loin from Vietnam, accounting for 87% of the total tuna value imports.

According to the statistics of the World Trade Center (ITC), Chile’s total tuna import reached more than 17 thousand tons, worth more than $39 million in the first 4 months of 2022, up 5% in volume and 22% in price. The three largest tuna suppliers for this market are Ecuador, Thailand and Vietnam.

With a strategy of expanding business activities in Latin  American countries, this year Ecuador has succeeded in expanding its operation in the Chile tuna market. Chile has increased its market share from 21% in the first 4 months of 2021 to more than 42% in the same period this year. While Vietnam is also expanding its market share in this market, tuna imports from Thailand into Chile decreased.

The CPTPP  continues to create the effect of promoting Vietnam’s tuna exports to this market. However,  in the current context of rising sea freight, the competitiveness of Vietnam enterprises in terms of price and delivery time has decreased. This is expected to  slow down Vietnam’s tuna exports to Chile.

Compiled by Thuy Linh

Source