The tuna export sector is expected to reach $1.1 billion due to its rapid development rate

DNHN - Vietnam Customs figures, the export turnover of tuna in June 2022 reached 90 million USD, a 41 per cent increase. Tuna exports are predicted to equal around 1.1 billion USD in 2022, representing a 45 per cent increase over 2021.

As a result, tuna export turnover in June 2022 reached $90 million, up 41% from June 2021. Tuna export turnover was $553 million in the first six months of 2022, up 56% over the same period in 2022. Except for the EU, Israel, and the EU, Egypt, tuna shipments to major countries increased significantly.

Vietnam Association of Seafood Exporters and Producers (VASEP), the Russia-Ukraine crisis has raised the prices of numerous goods and foods from other nations, in addition to energy commodities. This development opens up chances for Vietnamese seafood in general, and tuna in particular, to expand their exports to other countries.

Tuna had the largest growth rate among seafood exports in the first half of the year, at about 60%. By the end of June 2022, the entire value of tuna shipments to the US market had surpassed USD 300 million, a 96 per cent increase over the same time in 2022. In June, Vietnam's tuna exports continued to expand at a rapid pace compared to the previous year.

Ms Nguyen Ha, VASEP's tuna market specialist, tuna capture in the East Pacific area was low in the first six months of 2022, affecting fishing fleet catches. Captured by an American. Furthermore, excessive inflation has increased the demand for canned tuna. All of this has increased US tuna imports from places such as Vietnam.

Tuna shipments to Canada, Japan, and Mexico have increased as a result of the CPTPP market. CPTPP will be the third largest export market for Vietnamese tuna producers by the end of June 2022. (after the US and EU).

Tuna import demand from nations participating in this Agreement reached US$68 million, up 50% from the same period the previous year. Exports to Canada climbed by 68%, exports to Japan by 26%, and exports to Mexico by 30%.

The key export markets mentioned above, tuna shipments to Saudi Arabia, Thailand, the Philippines, and Russia increased significantly in the first six months of 2022. Total export value to Saudi Arabia reached 1.2 million USD, Thailand climbed by 59%, and the Philippines increased by 86%...

In contrast to the preceding markets, Vietnam's tuna shipments to the EU have been steadily declining over the last three months. Tuna export revenue to this market fell by 25% in June compared to June 2021, hitting roughly 9.5 million USD, bringing overall export turnover in the first six months to 77 million USD, up 4% from the same period the previous year.

According to a study issued on July 1 by the European Union's data statistics office Eurostat, consumer prices in the 19 nations that use the euro grew by 8.6 per cent in June, compared to 8.1 per cent a month previously. In which the category of food products climbed by 8.9 per cent, indicating that inflation has extended throughout the eurozone.

Despite historic inflation, the European Central Bank has yet to hike interest rates at the same rate as the United States. As a result of the delay, the euro fell in value against the dollar. The price of tuna products increased due to rising costs of key items; a strong dollar may cause final tuna products imported into the EU from countries other than the EU, such as Vietnam, the Philippines, and Ecuador, to become more costly. This has had an impact on EU tuna imports.

Furthermore, owing to an increase in oil costs in the first months of this year, 40-45 per cent of fishing vessels worldwide had to lie on the shore. This has had a significant impact on the availability of raw tuna for companies, particularly the supply of raw materials of pure provenance (ie, materials of domestic origin).

Tuna processing and exporting businesses must import from countries and territories with which Vietnam does not have free trade agreements (FTAs). As a result, Vietnam's tuna exports have been unable to capitalize on the benefits of the FTA to boost their competitiveness when exporting to countries that have FTAs with Vietnam, such as the EU.

VASEP predicts Vietnam's tuna exports will continue to increase strongly in the second half of 2022, albeit at a slower rate. Exports are being hampered by a lack of raw materials, high raw tuna costs, and rising maritime freight... Despite greater growth compared to the same period last year, companies are still substantially impacted by the pandemic, thus this recovery is just getting started.

With the aforementioned effect circumstances, tuna export turnover in 2022 is estimated to be over 1.1 billion USD, up 45 per cent from 2021.

PV (t/h)