In W36 in the tuna landscape, Vietnam's tuna exports decreased by 31% in the past seven months of 2023, reaching nearly USD 445.6 million. The Vietnam Association of Seafood Exporters and Producers (VASEP) predicts a significant increase in tuna export orders in the final months of 2023 due to reduced stocks in other major export markets and the Vietnam-Israel Free Trade Agreement. The European Union (EU) tuna market showed signs of recovery, with a 28% growth rate in Jun-23 and Jul-23. Vietnam's monthly tuna export value is around USD 12 million. Vietnamese tuna exports to Mexico, Israel, and Thailand also experienced high growth compared to 2022, with Mexico and Chile increasing by 100% and 90% year-over-year (YoY) respectively, while Thailand only saw a 65% YoY increase.
Moreover, Vietnam Customs reports a significant increase in tuna exports to Korea in the first seven months of 2023, reaching over USD 7 million. This increase is attributed to the depreciation of the South Korean won against the US dollar and a decrease in the fishing fleet's output, leading to increased imports from other countries, including Vietnam. Vietnam's processed and canned tuna exports to South Korea have increased due to the economic downturn and increased demand for cheap seafood products like canned tuna. Vietnamese canned tuna imports to South Korea saw a 468% YoY increase.
According to the General Administration of Customs, China's tuna imports during the first seven months of 2023 totaled 26.8 thousand tons, with a total worth of USD 91.7 million (RMB 668 million). This represents a significant increase of 921.77% YoY in volume and a 206.88% YoY increase in value. Conversely, the export figures of Chinese tuna show a decline, with a total export volume of 91.4 thousand tons and an export value of USD 507.3 million (RMB 3.694 billion), a decrease of 24.56% YoY in volume and 22.32% YoY in value. These trends imply that a greater tuna supply is available in China's local market. The most common imported tuna products in Jul-23 were Frozen bonito, frozen yellowfin tuna, fresh/cold Atlantic and Pacific tuna, accounting for 46%, 20%, and 12% of the total tuna imports in China, respectively. While other fresh/chilled tuna made up 78% of the exports in Jul-23 and frozen albacore tuna made up 13% of the total tuna imports, these two products were the most commonly exported in that month.