Tridge summary
Vietnam's tuna exports experienced a slowdown in October 2022, with a 4% increase over the same period in 2021, totaling over $76 million and marking the second lowest value since the beginning of the year. Despite this, the accumulated export turnover for the first 10 months of 2022 reached over $884 million, a 49% increase from the same period in 2021. However, market conditions are no longer as positive due to inflation reducing purchasing power. The US market saw a nearly 6% decrease in tuna exports in October, while the EU market reached the highest level since the beginning of 2022, with the European Central Bank's tough signals on monetary policy helping increase the purchasing power of the European tuna industry. However, exports to other markets like Mexico, the Philippines, Chile, and Egypt decreased in October compared to the same period last year.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after months of good growth despite inflation, Vietnam's tuna exports slowed down in October 2022. Accordingly, this month's export value increased only 4% over the same period in 2021, reaching more than $76 million, the second lowest since the beginning of the year. Accumulating 10 months of 2022, tuna export turnover reached more than USD 884 million, up 49% over the same period in 2021. According to Ms. Nguyen Ha, tuna market expert of VASEP, the market signals are no longer as positive as in the first half of the year. Rising inflation is reducing purchasing power in markets, especially in the US, Belgium, Israel, and Egypt markets, even in markets that have the advantage of CPTPP tariffs or geographical advantages. Specifically, tuna exports to the US decreased by nearly 6% in October, to nearly 31 million USD. After peaking in April, the value of Vietnam's tuna exports to the US has decreased ...
Source: Haiquanonline
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