Rising inflation affects Vietnam's tuna exports

Published May 28, 2022

Tridge summary

Vietnam's tuna exports in April saw a 46% growth compared to the same period in 2021, reaching over $108 million, but the growth rate has slowed down compared to the previous months. The tuna export turnover for the first four months of the year was nearly $368 million, a 63% increase over the same period in 2021. However, the high operating costs and inflating prices of raw tuna have affected the profits and competitiveness of enterprises. The US is the largest market for Vietnamese tuna, followed by other CPTPP countries. However, exports to the EU have unexpectedly decreased after a strong growth in the first quarter.

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

Original content

According to the Association of Seafood Exporters and Producers (VASEP) in April, Vietnam's tuna exports continued to grow by 46% over the same period in 2021, reaching more than $108 million, but tended to decelerate compared to the same period in 2021. previous months. In 4 months, tuna export turnover reached nearly 368 million USD, up 63% over the same period in 2021. Previously, tuna exports at the end of 2021 and the first quarter of 2022 had positive growth, experts and businesses both expected a booming year of Vietnamese tuna. However, the double shock from the COVID-19 epidemic and the conflict in Ukraine caused inflation to escalate, affecting the demand for tuna in the markets. However, VASEP believes that in the coming months, Vietnam's tuna exports will continue to grow compared to the same period in 2021. However, the price of raw tuna in the world market has not shown any signs of cooling down. along with high operating costs have eroded profits and ...

Source: Vinanet