Light up Vietnam's tuna exports to the UK in February 2023

Published 2023년 4월 21일

Tridge summary

Vietnam is experiencing a surge in tuna meat and loin exports to the UK, which makes up 93% of its total export revenue to the market. This increase is attributed to the UK's high inflation rate, which has shifted consumer preferences towards frozen and processed seafood. Despite being the 13th largest tuna supplier to the UK, accounting for 1% of its total imports, Vietnam faces tough competition from Ecuador and Mauritius. However, the UK-Vietnam Free Trade Agreement (UKVFTA) is helping to increase imports of Vietnamese tuna. Nevertheless, the growth in tuna exports to the UK is expected to slow down once the preferential tariff quota is exhausted, due to the inflation-driven uncertainties in import demand.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vietnam is exporting mainly frozen tuna meat/loin (HS code 0304) to the UK market, accounting for 93% of total export turnover to this market in the first 2 months of the year. Among the major economies, the UK has the highest inflation rate. Entering 2023, inflation in the UK in January fell to 10.1%, but then suddenly accelerated in February 2023 to 10.4%. Currently, inflation has changed the UK's seafood consumption trend, increasing consumption of frozen and processed seafood. According to statistics of the World Trade Center (ITC), the UK is currently one of the 10 largest tuna import markets in the world. The UK imports tuna from more than 45 countries around the world, of which Vietnam is the 13th largest supplier, accounting for 1% of the country's total tuna imports. In 2022, although Vietnam's tuna exports to the UK still increased by nearly 10% in value, the reason was the increase in the average price of exports to this market. In the UK market, with the advantage of ...

Source: Vasep