Vietnam tuna exporters worried over escalating Israel-Iran tensions

Published 2024년 10월 28일

Tridge summary

In 2023, Vietnam witnessed a significant 37% increase in tuna exports to Israel, amounting to over $50 million, largely due to the benefits brought by the Vietnam-Israel Free Trade Agreement (VIFTA). However, the growth in exports to Israel has been uneven, with a notable 31% decrease in July 2024, followed by a slight recovery in August. The Middle East, serving as a crucial export route despite potential conflicts, is vital for Vietnam's tuna industry. However, the industry faces challenges such as the need to import larger tuna sizes due to local regulations, which results in higher costs and reliance on international trade routes. The risk of disruptions in these routes due to conflicts could negatively impact tuna exports, highlighting the importance of maintaining stable maritime transportation for the industry's growth.

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

Original content

According to statistics from Vietnam Customs, tuna exports to Israel in 2023 increased by 37% compared to the previous year, reaching over $50 million. On July 25, 2023, the Vietnam-Israel Free Trade Agreement (VIFTA) was signed, creating many favorable conditions for Vietnam to promote seafood exports, including tuna, to this market. Therefore, in 2024, tuna exports to this market have continued to grow strongly since the beginning of the year. However, in the last 3 months, exports to the market have shown signs of instability, with a 31% decrease in July. In August, exports increased again but the growth rate was not high, only 20% compared to the same period. Israel is considered to be a potential export market for the Vietnamese tuna industry. Although the Middle East has always seen many conflicts, tuna exports to this market have continued to increase. The Middle East is the center of three continents: Asia, Europe, and Africa, so if a conflict occurs, it could cause ...

Source: Vasep