Weekly Product Updates

W6 Tuna Update: Vietnamese Exports Soar in Chile's Favorable Market, EU Adopts Conservation Measures

Tuna
Norway
Published Feb 16, 2024
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In W6 in the tuna landscape, Vietnamese tuna exports to Chile saw a remarkable surge in 2023, driven by strong demand and relaxed quality standards in the Chilean market. Exports nearly doubled to nearly USD 16 million, with processed and canned tuna experiencing the most substantial growth at 192% YoY. Chile's lower inflation and less stringent quality requirements compared to other major markets like the US and EU have facilitated Vietnamese tuna's access to the Chilean market. In addition, the FTA between Chile and Vietnam, under the CPTPP, provides tariff advantages, further boosting Vietnamese tuna's competitiveness. Meanwhile, the European Parliament has updated conservation measures for Atlantic bluefin tuna, aligning EU law with ICCAT recommendations to ensure sustainable management and combat illegal fishing activities.

Vietnamese Tuna Finds Favorable Market in Chile, High Demand and Relaxed Quality Standards Drive Growth

Vietnamese tuna exports to Chile experienced significant growth in 2023, buoyed by high consumption demand and less stringent quality requirements compared to other key markets. Vietnam's tuna exports to Chile reached nearly USD 16 million in 2023, representing an 87% year-over-year (YoY) increase, outpacing growth in most other markets for Vietnamese tuna. Processed and canned tuna products witnessed the most significant rise at 192% YoY, reflecting strong Chilean demand for convenient and shelf-stable seafood options. Fresh, frozen, and dried tuna exports also increased by 46%, demonstrating broader market diversification within the Chilean tuna trade.

Lower inflation in Chile compared to other major economies has supported consumer spending and demand for imported goods, including tuna. Less stringent quality requirements in Chile compared to markets like the United States (US), Japan, and the European Union (EU) allow Vietnamese tuna producers to access this market more readily. The Free Trade Agreement (FTA) between Chile and Vietnam provides Vietnamese tuna businesses with preferential tariffs under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), granting them a competitive edge over other suppliers. Continued growth in Vietnamese tuna exports to Chile is expected, driven by rising consumer demand and the advantages offered by the FTA and lower quality requirements.

EU Parliament Updates ICCAT Conservation Measures and Bluefin Tuna Management Plan

The European Parliament (EP) has adopted revised conservation and control measures for fisheries in the International Commission for the Conservation of Atlantic Tuna (ICCAT) area, including a multiannual management plan for bluefin tuna. The EP incorporated ICCAT recommendations into European Union (EU) law, ensuring alignment with international regulations.

Improvements were made to the Commission's proposal, addressing various species (tropical tunas, albacore, swordfish, marlin, sharks, sea turtles). Monitoring and control measures for bluefin tuna quotas aim to combat illegal fishing and ensure sustainable exploitation of the stock. Countries with bluefin tuna quotas need monitoring, control, and inspection plans, including those for recreational fisheries. The European Council must formally approve the legislation before it becomes law. Member states will then be responsible for implementing the updated regulations domestically.

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