Tuna exports likely to hit over US$1 billion this year

Statistics indicate that Vietnam raked in US$90 million from tuna exports in June, a rise of 41% from a year earlier, bringing its six-month export turnover to US$553 million, up 56% year on year.

The rising prices of fuel and food primarily caused by the Russia-Ukraine conflict has created opportunities for the Vietnamese seafood sector to increase the export of aquatic products to foreign markets.

Most notably, tuna exports to major markets witnessed robust growth, except for the European Union, Israel and Egypt, according to VASEP.

Furthermore, tuna exports to the United States in the first half of the year skyrocketed by 96% to over US$300 million compared to last year’s corresponding period.

In contrast, Vietnamese tuna exports to the EU market continuously endured a downward trajectory over the past three months.

June alone saw tuna exports to this demanding market drop by 25% to nearly US$9.5 million compared to June of last year. However, its six-month tuna export value rose 4% year on year to US$77 million.

Elsewhere, tuna exports to Canada, Japan, and Mexico continued to see positive growth throughout the reviewed period as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bloc remains the third largest consumer of Vietnamese tuna, behind the US and the EU.

The demand for tuna imports from CPTPP member countries surged by 50% to US$68 million against the same period last year.

Aside from these three major markets, tuna exports to Saudi Arabia, Thailand, and the Philippines grew well, with exports to Thailand and the Philippines increasing by 59% and 86%, respectively.

VASEP forecasts that tuna exports in the second half of the year will continue to enjoy a positive outlook, although growth may slow down, with turnover likely to hit about US$1.1 billion this year, up 45% compared to 2021.