April 11, 2023

Vietnam's tuna exports to Germany sees sustained growth in early 2023

Statistics from Vietnam's Customs showed Vietnam's tuna exports to Germany has seen sustained growth in January and February this year, one of the few markets to do so, Fish Information & Services reported.

In the first two months of 2023, Vietnam's tuna exports to Germany increased by 47%, reaching over US$5 million, making it the third largest single tuna import market for Vietnam during this period.

In 2022, Germany was the largest tuna import market for Vietnam in the EU bloc, accounting for about 3% of Vietnam's total tuna exports, up 20% from the previous year.

Vietnam's canned tuna and frozen tuna meat/loin continue to be the main export products to Germany, accounting for 63% and 30% respectively, in the first two months of this year. Both products experienced significant growth compared to the same period last year, with canned tuna and frozen tuna meat/loin exports increasing by 28% and 68% respectively.

In February 2023, food prices in Germany increased by 21.8% compared to the same period last year, with the inflation rate for groceries still more than double the overall inflation rate. As a result, Germans are expected to tighten their spending. Inflation will continue to make German tuna imports unstable this year.

Preferential tariff quotas for processed and canned tuna products from Vietnam to the EU are gradually being used up while inventories remain high, resulting in an expected slowdown in Vietnam's tuna exports to this market.

Currently, 11 companies are involved in exporting tuna to the German market, with FoodTech, KTCFood, and Bidifisco being the three largest tuna exporters, accounting for 64% of the total export turnover to this market.

-      Fish Information & Services