Vietnam's tuna exports increased sharply in the first month of 2024

Tuna

Seafood

Vietnam

Market & Price Trends

Published Mar 12, 2024

Tridge summary

Vietnam's tuna exports in January 2024 saw a significant increase of 58% from the same period in 2023, reaching over 79 million USD. This surge is attributed to the reopening of preferential tariff quotas in the EU-Vietnam Free Trade Agreement, which boosted exports to most EU countries. Despite the ongoing Israel-Hamas conflict, exports to the Middle East are also on the rise. However, the 'IUU yellow card' barrier for EU market exports and tensions in the Red Sea pose challenges for businesses.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to statistics from Vietnam Customs, in January 2024, Vietnam's tuna exports reached more than 79 million USD, an increase of 58% over the same period in 2023, because January 2023 coincided with the Lunar New Year holiday. However, if compared from 2018 back to now, sales in January 2024 are still about 46% higher than the annual average; that is a positive signal for the opening month of the new year 2024. Exports to all markets increased simultaneously The top 10 main tuna export markets of Vietnam in January 2024 have changed, including the US, Israel, Russia, Canada, Japan, Italy, Germany, the Netherlands, Thailand, and Poland. Compared to the same period in 2023, exports to the remaining markets increased except for Thailand. In the EU market, the reopening of preferential tariff quotas as agreed in the Free Trade Agreement between the EU and Vietnam (EVFTA) is creating momentum to boost export orders to this market in the first month of the year. Exports to most EU ...

Source: Vasep