Vietnam's tuna export orders to Russia and Ukraine had to turn back

Published 2022년 3월 7일

Tridge summary

The ongoing conflict between Russia and Ukraine is causing disruptions to the global tuna industry and supply chains, with some transactions to these countries being returned and tuna exports to Russia and Ukraine temporarily halted due to banking risks and supply chain issues. This conflict also poses a risk to the sunflower oil market, which could lead to increased production costs for canned or bag tuna. Fuel costs and sea freight rates are also expected to rise, further driving up tuna prices. Despite these challenges, tuna exports to Russia and Ukraine have shown significant growth over the past decade, with Russia ranking as the 13th largest market and Ukraine as the 19th.

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), the conflict between Russia and Ukraine broke out, some orders had to be returned, and tuna export transactions to both countries had to be temporarily suspended. stop due to banking transaction risk. Supply chains for manufacturing and import and export are broken. Businesses are having to monitor the situation to handle inventory or find ways to export to other markets. In addition, Russia and Ukraine are major suppliers of sunflower oil to the world, including Vietnam. If the conflict between Russia - Ukraine continues to escalate, this will directly affect the tuna industry, pushing up the production cost of canned/bag tuna. On the other hand, the oil market, already under pressure from the COVID-19 pandemic, is now more tense after the Russia-Ukraine conflict. Rising fuel costs are expected to drive up raw tuna prices. Besides, sea freight rates are also under pressure to increase prices, especially when ...

Source: Vietnambiz