According to statistics of Vietnam Customs, Germany is one of the few markets of Vietnamese tuna that can maintain a good growth momentum in the first two months of 2023. Tuna export turnover to this market continuously increased in the first 2 months of the year, reaching more than 5 million USD, up 47% over the same period in 2022. This has helped Germany become the 3rd largest single tuna import market of Vietnam in this period.
In 2022, Germany is the largest tuna import market of Vietnam in the EU bloc, accounting for about 3% of total tuna export turnover, up 20% compared to 2021.
Canned tuna and frozen tuna meat/loin are still Vietnam's main export products to Germany, accounting for 63% and 30% respectively in the first 2 months of 2023. Compared to the same period in 2022, Vietnam's exports of both these products increased by 28% and 68% respectively.
According to data from the Federal Statistical Office of Germany, the inflation rate in December 2022 dropped from a record high of 10.4% in October 2022 to 8.1%. Prices fell thanks to a one-time payment under the government bailout package to consumers' winter gas bills in December.
However, the effect of this package seemed to have waned in January 2023, when the inflation rate rebounded to 8.7% and the prices of consumer goods, household goods and services simultaneously increased. Food prices in Germany also increased by 21.8% in February 2023 compared with the same period last year. The inflation rate for groceries is still more than double the overall inflation rate. This is expected to cause Germans to still tighten their spending. Inflation will continue to make German tuna imports unstable this year.
Besides, preferential tariff quotas for processed and canned tuna products from Vietnam to the EU are gradually being used up while inventories are still high. Therefore, it is expected that Vietnam's tuna exports to this market will slow down.
Currently, there are 11 companies participating in exporting tuna to the German market. FoodTech, KTCFood and Bidifisco are the 3 biggest tuna exporters to this market, accounting for 64% of the total export turnover to this market.
Source: VASEP
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