Vietnamese tuna exports to the US were down 27% in the fourth quarter of 2022

Published 2023년 2월 17일

Tridge summary

Vietnam's tuna exports to the US, which was the largest market accounting for nearly 44% of total exports, experienced a steady decline in the last quarter of 2022, with a 27% decrease in value. Despite this, the exports still saw a 21% increase compared to the same period in 2019, totaling almost $487 million in 2022. The decline was due to reduced demand, leading to increased tuna stocks in the US market, and the average price of frozen tuna meat also decreased by 12% in the last quarter of 2022. Additionally, exports of canned tuna to the US have also declined due to high costs of transportation, vegetable oil, and steel, with the US shifting its imports towards frozen steamed tuna.

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

Original content

In particular, after continuously rising in the first 9 months of 2022, Vietnam's tuna exports to the US have been declining steadily in the last quarter of the year. The value of exports in this quarter decreased by 27% (nearly $82 million). However, this number is still 21% higher than the same period in 2019, before the pandemic. Cumulatively, the value of tuna exports to the US reached almost $487 million in 2022 (up 44% from 2021). Thus, the US is Vietnam's largest tuna import market (accounting for almost 44%). Compared to 2021, the share of Vietnamese exports of fresh, frozen and dried tuna products to the United States increased from 58% to 72%. Which is mainly frozen tuna meat (an increase of 73% over the same period, reaching almost 350 million US dollars). Frozen tuna sales trended steadily upward in the first 9 months of the year, but then declined in the last 3 months of the year. One of the reasons for this decline is due to reduced demand, which has led to an ...

Source: Fishretail