Vietnam's tuna exports to the UK tripled over the same period

DNHN - While tuna exports decreased sharply in many markets, exports to the United Kingdom increased sharply. In February, tuna exports to the United Kingdom increased by more than 13 times, reaching $970,000. Two months' worth of tuna exports to market

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports continued to decline in the first two months of the year, reaching only US$109 million, a decrease of 30% compared to the same period last year. In which major markets such as the United States and the European Union fell by fifty percent.

The cause is rising inflation and shifting consumer preferences. They emphasize inexpensive products. In addition, Vietnam has not yet removed the "IUU Yellow Card" which is a hindrance to the tuna industry.

However, exports continue to exhibit positive trends as shipments to the United Kingdom, Japan, Germany, and Israel increase. In February, tuna exports to the United Kingdom increased by more than 13 times, reaching $970,000. Two months of tuna exports to this market totaled 1,3 million US dollars, a threefold increase compared to the same period in 2022.

In addition to the United Kingdom, exports to Japan, Thailand, Germany, and Israel increased by 32-99%, respectively, in the first two months of the year. These are the top five destinations for Vietnam's tuna exports.

According to World Trade Centre (ITC) statistics, the United Kingdom is one of the ten largest tuna import markets in the world. Vietnam is currently the thirteenth largest supplier of tuna to the United Kingdom out of 45 countries. The value of tuna exports from Vietnam to this country increased by nearly 10% in 2022.

According to VASEP, Vietnam is having trouble competing with rivals, but British importers continue to promote tuna imports from Vietnam due to preferential tariffs under the UKVFTA Free Trade Agreement.

The association anticipates that FTAs will drive tuna exports from Vietnam in the coming months. In the latter half of 2023, it is anticipated that market demand will gradually increase.

Vietnam has substantial tuna reserves and exploitation potential. There are currently nine species of tuna found in the waters of Vietnam, with an estimated reserve of 600,000 tonnes, of which striped tuna accounts for more than fifty percent. Binh Dinh, Phu Yen, and Khanh Hoa are the three most important mining provinces in Vietnam.

Ngoc Phi (TH)