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Vietnamese tuna exports to EU enjoy rebound

30/08/2023    1267

While Vietnamese tuna exports to major markets such as the United States, Japan, and Canada continued to decline, exports to the EU market have prospered, according to the General Department of Vietnam Customs.

Statistics indicate that tuna export turnover to the US, Japan, and Canada in July witnessed decreases of 26%, 20%, and 38%, respectively, the lowest since the beginning of the year.

Meanwhile, tuna exports to the EU in July continued to recover, climbing 28% year on year. The sharp rise prompted Vietnam’s seven-month tuna export turnover to inch up by 5% to US$96 million.

Within the bloc itself, Italy returned to the top three leading consumers of Vietnamese tuna, experiencing a 10-fold rise in value against the same period from last year. Elsewhere, tuna exports to Germany and the Netherlands also saw strong annual rises of 43% and 96%, respectively.

Experts say there are bright prospects ahead for tuna exports to foreign markets in the remaining months of the year.

VASEP cited statistics from the US Department of Commerce, indicating that retail sales in the US market edged up by 0.7% in July.

Most notably, US retail spending, especially on food, has picked up remarkably since the beginning of the year, a factor which has opened up a positive outlook ahead for the recovery of tuna exports in the US market by the end of the year.

Meanwhile, the amount of inventories in several markets witnessed a downward trajectory, duly leading to the rise in tuna export orders moving forward

Moreover, the number of festivals to be held till the end of the year will see consumers tend to hoard food for their dining needs, a factor which is anticipated to raise Vietnam’s tuna export turnover ahead in the coming months.

Source: VOV