Vietnamese tuna exporters face many difficulties

Published May 25, 2023

Tridge summary

In April 2023, Vietnam's tuna exports experienced a significant decrease of 38% compared to the same month in 2022, totaling $67 million, and a cumulative 33% drop to nearly $248 million in the first four months of the year. This decline is primarily due to a shrinking import market, high raw tuna prices, and increased production costs. The low catch in the seas has led to a scarcity of skipjack tuna, resulting in a 21% surge in its price in Bangkok. The US market, in particular, has seen a 60% drop in Vietnam's tuna exports due to economic challenges. While traditional European markets have waned, new markets like Israel, Thailand, and Russia have shown strong growth. Despite these challenges, tuna processing and exporting companies are seeking new markets to offset losses and are actively looking for ways to maintain production and worker morale.

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

Original content

According to Ms. Kim Thu, tuna market expert of the Vietnam Association of Seafood Exporters and Producers (VASEP), in April 2023, Vietnam's tuna exports were still lower than in the same period last year. The value of tuna exports this month only reached $67 million, down 38% over the same period in 2022. Therefore, cumulatively in the first four months of the year, tuna exports still fell by 33%, reaching nearly $248 million. . Tuna processing and exporting enterprises are facing many difficulties because of the plunge in the import market, the high price of raw tuna to the top, and the increase in production costs... Specifically, continuously since the beginning of the year, tuna fishing output in the sea areas is still low, causing the supply of raw materials to decrease. This has pushed skipjack prices to peaks. The price of frozen whole skipjack tuna with size >1.8kg in Bangkok, after a slight decrease from $1,750/ton to $1,700/ton, stabilized in February. However, the ...

Source: Haiquanonline