Vietnam's Tuna Exports Show Slight Decline in Oct-23

In Oct-23, Vietnam's tuna export value exceeded USD 76 million, a slight decrease of 0.5% year-over-year (YoY). However, over the first ten months of 2023, cumulative tuna exports to various markets amounted to nearly USD 693 million, a significant 22% YoY decline. This decline can be attributed to two main factors. Firstly, there are restrictions on tuna catching due to the impact of El Niño affecting the weather. This has led to a shortage of raw materials, resulting in higher prices. Secondly, a key factor is the low local consumption, primarily driven by the economic crisis, especially in the United States (US), where demand has significantly decreased.