October 1, 2012

Vietnam's tuna exports to the EU continue to rise

Despite a recent decline in shrimp and tra fish exports, the Vietnam Association of Seafood Exporters and Producers (VASEP) reports tuna exports to the EU continue to rise.

The VASEP values Vietnam's tuna exports over the past eight months at nearly US$74 million, a rise of 51.5% compared to the same period last year.

Vietnam currently ships tuna to 20 countries within the EU bloc. Germany and Italy lead Vietnamese tuna imports, experiencing growth of 73% and 118% respectively compared to the same period last year. Spain's 113% rate of growth helped it surpass Belgium and secure third place.

Canned tuna products (HS16) earned a total of nearly US$26 million, the most lucrative kind of tuna exported to the EU.

Among 16 tuna importers, Germany took the lead, consuming US$19 million worth of the fish from Vietnam, accounting for 73% of the total tuna exports to the EU. Austria, Greece, and Holland were the next largest importers.

Raw tuna exports (HS03) also increased by more than 56%, earning US$49.9 million. According to many tuna export and processing businesses, however, the increase in these products' value is merely the result of a worldwide price hike.

Europe's economic crises have impacted the consumption of high value tuna products and forced the EU to expand tuna product imports from developing countries including Vietnam. Vietnam's tuna processing businesses may capitalise on this opportunity to increase export earnings in the near future.