CANNED TUNA EXPORTS TO THE EU UP 71%
25 July 2023
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after a decline in April 2023, Vietnam’s tuna exports to EU countries increased again in May, up 15% over the same period in 2022.
However, this increase is still not enough to offset the decrease in the previous months, so Vietnam’s tuna exports in the first 5 months of 2023 still decreased slightly by 4% compared to the same period last year.
Among EU countries, Germany and the Netherlands respectively are the two leading countries in importing tuna from Vietnam in the first 5 months of the year.
Compared to the same period in 2022, Vietnam’s tuna exports to Germany and the Netherlands both increased by 23% and 26% respectively. By the end of May 2023, Vietnam has more than 31 enterprises participating in exporting tuna to the EU market.
Which, FoodTech, Bidifisco, and Yueh Chyang Canned Food are the three leading companies in exporting to this market segment, accounting for more than 40% of total tuna export turnover.
Notably, while Vietnam’s tuna exports to the EU in the first 5 months of 2023 all decreased over the same period, canned tuna exports increased sharply by 71% over the same period last year. With this increase, canned tuna is Vietnam’s main export product to the EU in this period, accounting for more than 50% of the total export value.
According to VASEP, this year, due to the impact of inflation, high inventories, and increased canned tuna prices, EU importers tend to increase imports from sources with preferential tariffs, including Vietnam.
Mr. Truong Dinh Hoe – General Secretary of VASEP – forecasted that seafood exports in general and tuna to the EU market are expected to gradually recover in the coming months and have better results than in the first half of the year, thanks to better signals in consumption markets when inventories decrease and the ordering season for year-end consumption and festive occasions begins.
“In a way. Specifically, through the data of the past May, we see that seafood consumption is on the trend of recovery. This is a good signal for exports in the year-end period,” Mr. Hoe said.
Besides the above advantages, VASEP experts also warned that the situation of skipjack tuna prices in the world has not cooled down, plus the preferential tariff quota that the EU has for Vietnamese canned tuna products under the agreement in the Free Trade Agreement between the EU and Vietnam (EVFTA) is about to be used up. Therefore, enterprises need to have a better market access strategy so that the export value is not reduced.