South Korea suddenly increased the purchase of canned fish from Vietnam, and the purchasing power increased by 468%

Published 2023년 9월 3일

Tridge summary

Tuna exports from Vietnam to Korea have increased significantly, with processed and canned tuna experiencing a sharp rise in exports. This increase can be attributed to the economic recession in Korea, which has led to higher demand for affordable seafood products like canned tuna. Vietnam is currently the largest source of processed and canned tuna for Korea, surpassing Thailand and Italy. Meanwhile, tuna exports to the US, Japan, and Canada continue to decline, while exports to the EU are gradually recovering. Businesses are hopeful for the recovery of the US tuna market by the end of the year, as retail sales and consumer spending on food have increased. With decreasing inventory and the approaching year-end festivals, there is potential for increased orders of tuna and other aquatic products.

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 the first 7 months of 2023, tuna exports to Korea have increased 2.5 times compared to the same period in 2022, reaching more than 7 million USD. This year, although the Won has depreciated sharply compared to the US dollar, causing the price of imported tuna to increase, but due to the decrease in fishing output of the fleet, Korea has had to increase imports from other countries, including There is Vietnam. Ms. Nguyen Ha, tuna market expert of VASEP, analyzed that among Vietnam's exported tuna products, exports of processed and canned tuna to Korea are currently increasing sharply, especially canned tuna. box increased by 468% over the same period in 2022. This increase in imports is due to the economic recession causing Korean people to tighten their consumption, increasing the demand for cheap seafood products such as canned tuna. In the Korean market, Vietnam is the 8th largest source of tuna, ...

Source: Danviet