Tuna export orders expected to increase by year-end

August 28, 2023 - 10:14
VASEP said domestic tuna exporters could expect positive prospects in the second half of this year.
Fishermen harvest tuna in Khánh Hoà Province. — VNA/VNS Photo Anh Tuấn

HÀ NỘI — Tuna export orders are likely to increase sharply in the last months of the year due to decreasing inventories in major export markets and the recently signed Việt Nam-Israel Free Trade Agreement, the Việt Nam Association of Seafood Exporters and Producers (VASEP) forecasts.

VASEP said domestic tuna exporters could expect positive prospects in the second half of this year.

The association said the stockpiled quantity of tuna in the US - one of the main markets of Việt Nam has begun to decrease and importers were considering speeding up imports.

By the end of the year, major markets such as the US will have many festivals, so consumer demand will increase. Meanwhile, preferential tariffs are an advantage that has pushed EU importers to seek orders from Việt Nam.

Over the past seven months of this year, Việt Nam's tuna exports reached nearly US$445.6 million, down 31 per cent year-on-year, VASEP said.

While exports of high-value fresh, frozen and dried tuna products decreased 46 per cent, shipments of processed and canned tuna goods saw a modest rise of 4 per cent to over $204 million, it said.

Besides, exports to the EU, Mexico, Israel and Thailand had recorded high growth over the same period of 2022.

The EU market showed signs of recovery, with a growth rate of 28 per cent in June and July, earning Việt Nam a turnover of $12 million per month. Notably, in the bloc, exports to the Netherlands also continuously grew remarkably while that to Germany maintained an increase of 30 per cent in June and July.

At the same time, Vietnamese tuna exports to Mexico and Chile also recorded significant hikes of 100 per cent and 90 per cent, respectively. Meanwhile, tuna shipments to Thailand also soared 65 per cent in the last two months.

Positive prospects of tuna exports to Israel

Nguyễn Hà, tuna market expert of VASEP told daibieunhandan.vn that in the context that exports to the main traditional markets had all declined, Israel had emerged as a potential market.

In the first half of this year, Vietnamese tuna exports to Israel hit nearly $25 million, up 92 per cent over the same period last year.

Frozen tuna meat and fillets still accounted for the highest proportion of 47 per cent. The export value of this product group saw a yearly hike of 29 per cent. Meanwhile, the export turnover of canned tuna increased 375 per cent and other processed tuna products surged 83 per cent.

Despite being a small country, with no natural resources and limited domestic labour resources, Israel's consumer demand was quite large and solvency was high, so there remained ample room for Việt Nam's tuna exports to the market, Hà told the online newspaper.

Typically, the Việt Nam-Israel FTA (VIFTA) would open up opportunities for Việt Nam's seafood exports, including tuna, to access the Israeli market and lucrative Middle East region, Hà said.

To penetrate the Israeli market, VASEP Secretary General Trương Đình Hòe suggested that tuna exporters ensure product quality, carefully study market information, promote credibility and be responsible.

He vowed that VASEP would accompany, research carefully and disseminate market information to businesses.

To facilitate tuna exports, businesses petitioned the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade to grant more quotas for imported raw tuna as domestic tuna raw material could meet only 25 per cent of demand for processing and export, Bình Định Fishery JSC Co suggested. — VNS