Vietnam's tuna exports are projected to once again generate billions in revenue

Published 2024년 4월 1일

Tridge summary

In 2023, Vietnam witnessed a 17% decline in tuna exports, dropping to US$845 million due to a downturn in aquatic exports. However, a remarkable recovery was seen in early 2024, with a 58% increase in January, pushing the export turnover to over US$79 million, and a 21% increase in the first two months, reaching US$131 million. This resurgence is credited to Vietnamese exporters' strategic market diversification, targeting over 80 global markets and capitalizing on free trade agreements, especially with the EU and the UK. The optimism for future growth is particularly strong for markets like the UK, where Vietnamese tuna is gaining traction, benefiting from tariff preferences under the Vietnam-UK FTA (UKVFTA).

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

Original content

Against the backdrop of a general decline in aquatic exports, tuna exports also fell by 17% to US$845 million in 2023. However, from the last months of 2023 it began to recover. In January this year, tuna export turnover reached more than US$79 million, an increase of 58% compared to last year. Nguyen Ha, tuna market expert at VASEP, said this is a positive sign for tuna exports in 2024. The rise in January helped lift the product's export turnover to US$131 million in the first two months of 2024, up 21% on the same period last year. This result is explained by the efforts of enterprises to expand export markets. According to VASEP, Vietnamese exporters supply tuna products to more than 80 markets around the world. Businesses have reduced risks by diversifying their export destinations to offset declines in their main markets. For example, in February, while tuna exports to key markets such as the US and the European Union (EU) fell sharply, shipments to many smaller markets ...

Source: Fishretail