Vietnam tuna exports reach over $90 million in a single month after more than two years

Published 2024년 12월 4일

Tridge summary

Vietnam's tuna exports have seen a significant increase, with the monthly export value surpassing $90 million for the first time in 25 months. There has been a substantial growth in the exports of various tuna products compared to the previous year, especially frozen tuna meat/loins. However, exports to the EU and South Korea have seen a decline due to preferential tariff quotas and regulations related to IUU fishing. On the other hand, there has been strong growth in exports to the U.S. and the Middle Eastern market, with notable increases in exports to Israel, Egypt, and Saudi Arabia. The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) has significantly boosted tuna exports to the region. There has also been a recovery in tuna exports to Japan, with an increase in export value to Japan of nearly 31% compared to the same period last year.

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Original content

This marks the first time in 25 months that the monthly export value of tuna has surpassed $90 million. If this growth continues, Vietnam's tuna exports could reach a total of approximately $1 billion by the end of 2024, reflecting an 18% increase. Exports of various tuna product groups from Vietnam also saw growth compared to the previous year. Notably, exports of frozen tuna meat/loins under HS code 0304 have experienced rapid growth in the latter months of this year. In terms of markets, tuna exports to major destinations generally increased in October, except for the EU and South Korea. The exhaustion of preferential tariff quotas and difficulties in complying with regulations related to combating IUU (Illegal, Unreported, and Unregulated) fishing have hindered tuna exports to the EU in recent months. Exports to the EU fell by 15% in October. However, strong growth in the earlier months of the year has resulted in a total increase of 17% for the first ten months of 2024. On ...

Source: Vasep