News

In 2024 Vietnam tuna exports slow to recover

Tuna
Vietnam
Market & Price Trends
Published Feb 2, 2024

Tridge summary

Vietnam saw an increase in tuna exports to the EU, Russia, Chile, and the Philippines in December 2023, despite a slight decrease in exports to the US, Canada, Japan, and Israel. The US remains the largest importer of Vietnamese tuna, even with a 33% decrease in exports. Exports to the EU grew by 25% in December, with Italy being a significant market. However, 2024 presents challenges for Vietnam's tuna exports due to the European Commission's yellow card warning for Vietnam's caught seafood products, high freight rates due to Red Sea tensions, and the slow recovery of the global economy.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Exports to major markets are volatile In December 2023, Vietnam's tuna exports to many markets had increased over the same period such as the EU, Russia, Chile, and the Philippines... Exports to the US, Canada, Japan, or Israel had decreased, however, the decrease was not sharp. Exports to the US, Vietnam's largest tuna import market, after continuous growth in October and November, decreased slightly in December. Tuna exports to the US reached 25 million USD this month, down 1%. For the whole year 2023, tuna exports to the US had reached 326 million USD, down 33%. Along with the US, Vietnam's 2nd largest single tuna import market, Israel, is also decreasing imports by 6% in December. However, due to good growth in the previous months, exports to this market for the whole year 2023 had increased by 37%, reaching more than 50 million USD. Exports to Canada and Japan were also declining in December, with declines of 12% and 8%, respectively. Contrary to the trend of exports to the ...
Source: Vasep
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