W50 Tuna Update: Vietnam's 18% YoY Decline in Tuna Exports, and Malta Expanding Horizons with China Approval

Positive Signals on Vietnam’s Tuna Exports Amidst 2023 Challenges

The Department of Fisheries, under the Vietnam Ministry of Agriculture and Rural Development, reported positive growth in seafood production in 2023, particularly in the aquaculture sector, which surpassed planned levels. However, exploitation output fell short of the Fisheries Development Strategy target, which aims to reduce annual exploitation gradually to 2.8 million metric tons (mmt) by 2030. Despite recovering import markets, seafood exports faced challenges, and the 2023 export turnover is projected to be USD 9.2 billion, below the set target of USD 10 billion. To address this, the Department advised organizing conferences and technology transfer events. Looking ahead to 2024, anticipates ongoing challenges, with global output not expected to rise significantly in the second half of 2023. While China remains a growing market, other major markets like the United States (US), the European Union (EU), and Japan are expected to increase import demand toward the year-end, presenting opportunities for Vietnam. However, competition with other nations is expected to intensify.

The value of Vietnam’s seafood export turnover by the end of November reached USD 8.24 billion, down 18.9% over the same period in 2022 and reaching 82.4% of the plan. In Nov-23, major aquatic product exports were higher than the same period last year. Shrimp increased by 4% year-over-year (YoY), tuna increased by 26%YoY, and pangasius increased by 12% YoY. The proportion of the export value of value-added processed aquatic products averaged over 40%, with shrimp reaching 60%, pangasius 10%, and tuna 70%.

Tuna exports in the first 11 months of 2023 reached about USD 774 million, representing an 18% YoY decline. However, compared to other commodities, tuna has a more positive signal. Although tuna exports to the US are still down 35% YoY, many markets, such as the EU, Thailand, Israel, Mexico, Russia, Korea, Philippines, and Japan, are tending to increase imports of Vietnamese tuna. Steamed tuna loin products and canned tuna have better demand than frozen fish fillets.

Malta's Bluefin Tuna Industry Surges Despite Challenges

As indicated by the latest National Statistics Office (NSO) figures, due to the ongoing situation in the Asian market, particularly in Japan, the year 2022 witnessed a remarkable 40.7% YoY surge in the production of farmed Atlantic bluefin tuna despite the challenges faced by the bluefin tuna industry in Malta in 2023. In 2022, the industry generated a total revenue of USD 350 million, marking a significant increase of USD 101 million compared to the previous year. However, increased expenses resulted in only a marginal rise in the industry's gross value added compared to the previous year.

As the number one tuna in Japan, Malta's tuna has now been introduced to China. Statistics follow a significant breakthrough in the Chinese market, with Malta's bluefin tuna now approved for import into China. This development has further boosted the industry's gross value, reaching USD 89 million, up from USD 87 million in 2021.

Throughout 2022, Malta successfully produced 15.8 thousand mt of fish, a 2.3 thousand mt increase in Atlantic bluefin tuna from the previous year, with over 95% of this prized fish exported to Japan. In contrast, Malta imported 10.6 thousand mt of fish last year, a slight increase from the 10 thousand mt of bluefin tuna purchased in 2021.