W37: Tuna Update

In W37 in the tuna landscape, the global tuna fish market was valued at USD 41 billion in 2022. It is expected to increase to USD 42 billion in 2023 and is projected to reach USD 51.2 billion by 2030. This signifies a compound annual growth rate (CAGR) of 2.86% during the forecast period from 2023 to 2030.

Vietnam's tuna exports are showing remarkable growth, particularly in the canned product category, where exports have surged by a staggering 468% compared to the previous year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), there has been substantial growth in tuna exports to South Korea and in the first seven months of 2023, tuna exports exceeded USD 7 million. Despite being ranked 8th among South Korea's tuna sources, Vietnam has outpaced both Thailand and Italy to become the country's largest tuna exporter in the first half of 2023. This highlights Vietnam's growing significance in the South Korean tuna market.

Vietnam, the 13th largest tuna supplier to the United Kingdom (UK), is experiencing a 77% increase in export sales volume to the UK due to the Free Trade Agreement between the two countries (UKVFTA). VASEP reported that Vietnam's tuna exports to the UK have grown significantly, reaching over USD 4.5 million in the first seven months of 2023. The UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to further boost trade between the two countries, including Vietnam. The UKVFTA, signed in late 2020, has also opened opportunities for Vietnam's aquaculture products, including tuna, to enter the UK market. In 2022, bilateral trade revenue between Vietnam and the UK reached around USD 8.6 billion, a 29% year-over-year (YoY) increase.

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