Weekly Product Updates

W33: Tuna Update

Tuna
Vietnam
Japan
Published Aug 25, 2023
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In W33 in the tuna landscape, Turkey's tuna exports have experienced a 43% increase in the first half of 2023, reaching USD 40 million. Key markets like Japan also experienced a 61% surge, with South Korea, the United States (US), and Italy contributing to the upward trend. Projections suggest that tuna exports could reach USD 150 million by the end of 2023. This growth is attributed to stringent regulations on tuna fishing quotas, overseen by the International Commission for the Conservation of Atlantic Tunas (ICCAT), which have led to an increase in natural tuna stock. Turkey is one of the world's top five tuna producers, raising tuna on organic diets like sardines, mackerel, and chub mackerel.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reports a 12-fold increase in tuna exports to Italy in Jun-23, despite not being among Vietnam’s top three largest tuna importers. After a decline in Jan-23, Vietnam's tuna exports to Italy saw a three-digit growth, resulting in a 37% year-on-year (YoY) increase to USD 5.8 million. Italy's canned tuna import turnover accounted for 50% of Vietnam's tuna export, with a fivefold increase compared to 2022. Vietnam is the 12th largest tuna exporter in the market, with Indonesia and Ecuador leading in tuna exports to Italy. The European Union-Vietnam Free Trade Agreement (EVFTA) tax incentive attracts Italian importers to Vietnam's tuna products, particularly due to the high price of raw tuna.

Furthermore, the Free Trade Agreement between Vietnam and Israel (VIFTA) was signed on July 25, 2023, allowing Vietnam's seafood exports to access the Israeli market and penetrate the Middle East market. Israel is Vietnam's second-largest single tuna import market, with a steady growth rate in the first six months of 2023. Export turnover to Israel reached nearly USD 25 million, an increase of 92% YoY. Moreover, in Jun-23, Vietnamese tuna exports to the US declined by 48% YoY, reaching nearly USD 26 million. In the first six months of 2023, the value of tuna exports to the US was only half of the same period last year, reaching USD 143 million. However, Vietnamese tuna exports to the European Union (EU) market increased continuously, reaching over USD 12 million in Jun-23. In the first six months of 2023, Vietnamese tuna export turnover to the EU was equivalent to the same period in 2022.

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