Tuna exports have decelerated

Processing tuna for export. Photo: T.H

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after months of good growth despite inflation, Vietnam’s tuna exports slowed down in October 2022. Accordingly, this month’s export value increased only 4% over the same period in 2021, reaching more than $76 million, the second lowest since the beginning of the year. Accumulating 10 months of 2022, tuna export turnover reached more than US$884 million, up 49% over the same period in 2021.

According to Ms. Nguyen Ha, tuna market expert at VASEP, the market signals are no longer as positive as in the first half of the year. Rising inflation is reducing purchasing power in markets, especially in the US, Belgium, Israel and Egypt, even in markets that have the advantage of CPTPP tariffs or geographical advantages.

Specifically, tuna exports to the US decreased by nearly 6% in October, to nearly US$31 million. After peaking in April, the value of Vietnam’s tuna exports to the US has decreased continuously month by month so far. Inflation in the US has declined but remains at a high level over the past 40 years. As a result, food prices are still expensive, thus restraining the purchasing power of this market in the last months of the year.

Meanwhile, tuna exports to the EU in October reached the highest level since the beginning of 2022, reaching nearly US$19 million, up 22% compared to October 2021. Export value to this market block in the past three months has grown continuously.

According to statistics from Vietnam Customs, tuna exports to Belgium after a strong increase in September fell in October, down 13%. Meanwhile, tuna exports to Spain tended to increase by 33%, and exports to Germany increased by 10% compared to October 2021.

The fact that the European Central Bank (ECB) officials sent tough signals on monetary policy helped the euro increase in value, which increases the purchasing power of the European tuna industry. This has made canned tuna and steamed tuna imported from countries into the EU cheaper. Currently, EU tuna importers are signing orders to be delivered in early 2023 to be exempt from tax under the Autonomous Tariff Quota (ATQ).

In October, exports to small markets which are considered potential in recent years such as Mexico, Philippines, Chile, Egypt all decreased compared to the same period last year.

Notably, tuna exports to Thailand in October continued to maintain high growth, up 120% over the same period in 2021. Thailand continues to be Vietnam’s sixth-largest single tuna export market in the first 10 months of this year.

Although it is in the last months of the year, but with the current inflation situation in other countries, it is difficult for tuna exports to maintain the growth momentum. However, it is expected that the tuna export value by the end of the year will still reach US$1 billion.