What's so attractive about a Vietnamese fish that South Korea buys up to 525 percent?

Published 2023년 3월 24일

Tridge summary

Vietnam has seen a significant decrease in tuna exports in the first two months of 2023, with a 30% drop compared to the same period last year, due to high inflation and increased prices of raw tuna. The decline is more pronounced in the US market, with a 45% drop. Despite this, there has been growth in tuna exports to Japan and Mexico in the Agreement on Trade, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bloc. However, the export value of key seafood products, including shrimp and pangasius, decreased in February 2023 compared to the same period in 2022. Overall, Vietnam's seafood exports in February 2023 increased by 33.4% compared to the previous year, but decreased by 3.6% compared to February 2022. China has become the largest seafood export market for Vietnam in February 2023, but the country faces challenges such as competition and barriers in exporting to China.

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), in 2023, inflation in markets is still high and this is reducing purchasing power in Vietnam's tuna export markets. Statistics of the General Department of Customs show that Vietnam's tuna exports in February 2023 continued to decline by 13% over the same period. Therefore, in the first 2 months of 2023, Vietnam's tuna exports are still 30% lower than the same period last year, reaching more than 108 million USD. However, according to Ms. Nguyen Ha, tuna market expert of VASEP, there is a good sign that Vietnam's tuna exports to many main markets this month have grown over the same period. Currently, the exchange rate difference is causing Vietnamese products to have higher prices compared to rival countries in major import markets such as the EU, the US... Besides, the price of raw tuna in the market. Since the end of last year, the world has been on an increasing trend, causing importers to delay ...

Source: Danviet