Tuna exports endure downturn on low market demand
VOV.VN - Vietnamese tuna exports to major markets recorded a downward trajectory in January, with turnover falling by 16% to more than US$66 million, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Notably, canned tuna witnessed the largest decrease of 36% in export earnings compared to the same period last year.
Insiders attribute this sharp drop to the shortage of raw skipjack tuna supply source domestically which has made it difficult for local canned tuna products to compete in markets with FTAs such as the European Union and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
VASEP says Vietnamese tuna export turnover to major markets such as the United States, the EU, Israel, Japan, and Canada have all gone down compared to the same period last year.
The US market saw a 2% decline in export earnings to nearly US$26 million in January. With concerns surrounding a rise in tax rates, US importers moved to increase imports in the final months of last year, which in turn caused high inventories.
In addition, President Donald Trump's decision to impose new taxes has caused importers in the US to limit signing new orders. These factors may affect the US tuna import in the coming months, say experts.
Tuna exports to the EU also recorded a decline of 13%, with canned tuna exports plunging by 21% year on year.
VASEP experts point out that a lack of domestic skipjack tuna raw material supply source continues to hinder canned tuna exports to this market.
Meanwhile, tuna exports to CPTPP markets has yet to record any positive signs, with exports to Japan and Canada plummeting by 26% and 36% in value, respectively.
This year the global tuna market is anticipated to continue to fluctuate due to changes occurring in consumer habits, tariff policies, and fluctuations in supply and demand, says VASEP.
FTAs between Vietnam and other countries will therefore help tuna products to gain an advantage when exporting to markets such as the EU, the United Arab Emirates, Japan, and Canada, in the time ahead, remark experts.
However, meeting the rules of origin remains a major challenge for the Vietnamese tuna industry as a whole.
Moreover, local firms are required to meet standards relating to traceability and sustainable fishing if they wish to enter these fastidious markets.
Tuna exports poised to hit US$1 billion this year
Tuna export value is forecast to reach US$1 billion in 2024, marking an 18% increase compared to last year’s figure and solidifying the product's role as one of Vietnam’s key seafood exports.
