April 24, 2023

Vietnam's tuna exports decline in Q1 2023

Vietnam's tuna export turnover in March 2023 reached over US$72 million, marking a 31% decline compared to the same period last year, as total tuna exports from Vietnam reached over US$180 million in the first three months of the year, down by 30% from Q1 2022, Fish Information & Services reported.

Despite Vietnam's tuna exporters' efforts to expand exports to smaller markets, the increase in volume was not enough to compensate for the decrease. The world's major tuna import markets were heavily affected by inflation and economic slowdown, leading to a decrease in demand and price of Vietnam's tuna exports in the first quarter of 2023.

Frozen tuna meat/loin products are still the main export products, accounting for 51% of the total export turnover in the first quarter of 2023. Exports of this group of products decreased sharply by 49%, reaching over US$91 million. Meanwhile, Vietnam's exports of canned tuna products recovered slightly, but the recovery was not sufficient to compensate for the decrease in the first month of the year. Exports of this product group in the first quarter of 2023 still decreased by 10%.

Vietnam's tuna has been exported to over 85 markets worldwide, with the US, Israel, Japan, Germany, the Netherlands, and Thailand as the six largest importers of Vietnamese tuna, accounting for 60% of the total export turnover in the first three months of 2023.

Exports to traditional markets such as the US and Canada decreased, while exports to small markets such as Korea, Peru, UK, China, and Hong Kong, or Algeria increased sharply. Some markets had triple-digit growth such as South Korea, which went up 636%, the UK up 182%, and Algeria up 426%.

The price of raw tuna in the world market has risen to its highest level, leading to an increase in the domestic price of tuna. This has made it more difficult for businesses. Inventories in some large markets such as EU countries are still high, which could last up to the next 2-3 months, leading to low import demand in these markets in the next quarter. Vietnam's tuna exports in the second quarter of 2023 are still unlikely to increase over the same period.

-      Fish Information & Services