Japan continuously spends money to buy a "giant" fish species that is abundant in Vietnam's sea.

Published Nov 29, 2024

Tridge summary

In October 2024, Vietnam saw a significant increase in its tuna exports to Japan, with a 31% rise reaching nearly 3.5 million USD, which helped offset the decline in the first half of the year, totaling nearly 28 million USD. The majority of these exports were processed tuna products, with over 20 enterprises contributing to this market. Japan consumes around 600,000 tons of ocean tuna annually, with 300,000 tons imported. Additionally, Vietnam's seafood export turnover in October 2024 reached 1.1 billion USD, marking the first time since June 2022 that it surpassed 1 billion USD, with the US, China, and Japan being the three largest consumption markets. From January to October 2024, the total seafood export turnover increased by 12% year-over-year, reaching 8.33 billion USD. If the current growth trend continues, Vietnam's tuna exports are projected to reach about 1 billion USD in 2024, marking an 18% increase from 2023.

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

Original content

According to statistics from the Vietnam Customs Department, in October 2024 alone, tuna exports to the Japanese market increased by 31% over the same period, reaching nearly 3.5 million USD. This figure contributed to offsetting the decline in tuna exports to Japan in the first half of the year, bringing the total export value in the first 10 months of 2024 to nearly 28 million USD, up 5% over the same period. Among the tuna product groups exported to Japan, other processed tuna products with HS code 16 such as smoked tuna meat, marinated tuna slices, etc. (except canned tuna), are the main export product group. This is also the only product group that increased compared to the same period in the first 10 months of this year. Currently, Vietnam has more than 20 enterprises exporting tuna to Japan. Of which, Mariso Vietnam, AH Fishco and Evertrust Food Co., Ltd are the 3 leading companies in exporting to this market, accounting for 66% of the total tuna export turnover to this ...

Source: Danviet