Vietnamese tuna: Increased supplies to Russia and changes in the world market

Published Sep 5, 2024

Tridge summary

In July 2024, Vietnam's tuna exports experienced a 14% increase year-on-year, totaling nearly $87 million, with the US market showing steady growth and Russia emerging as a key market with a 57% increase in shipments. However, growth in the EU, Israel, Canada, and Mexico has slowed down, with the EU witnessing a 14% decrease, influenced by geopolitical tensions including the Middle East situation impacting exports to Israel. The dynamics of the global tuna market are complex, requiring Vietnamese exporters to navigate changing conditions, geopolitical risks, and quality expectations to maintain their market position and expand into new opportunities.

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

Original content

Overall Tuna Export Trends In July 2024, Vietnam’s total tuna exports were worth nearly $87 million, up 14% year-on-year. However, growth has begun to slow, particularly in key markets such as the EU, Israel, Canada and Mexico. For example, exports to the EU fell by 14% to $16 million. While Italy continues to show positive results with an 18% increase, other countries such as the Netherlands and Germany have seen sharp declines in shipments of 46% and 19%, respectively. Geopolitical Impact The situation in the Middle East, particularly tensions between Israel and Iran, has also had an impact on tuna exports to Israel, which fell by 31% in July. This highlights how geopolitical factors can impact seafood trade, creating instability in the markets. US Market: Steady Growth Unlike the European market, tuna exports to the US continue to grow, albeit at a more modest rate of only 17% in July. In the first six months of 2024, exports to the US amounted to $206 million, up 20% ...

Source: Fishretail