Tuna exports expected to grow by 20% in H1
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According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports are projected to reach US$456.8 millio in the first half of 2024, a 20% year-on-year increase.
After decreasing in 2023, exports rose by 22% in the first five months of the year to $388 million.
Shipments of canned tuna products, bagged tuna and frozen loin/fillet increased by 44%, 24%, and 7%. Exports of frozen whole tuna nearly tripled.
Exports to most markets increased, with those to the U.S. and the E.U., the two largest, rising by 30% and 37% and accounting for 37% and 22% of total exports.
Exports to Israel, Russia and the Republic of Korea rose by 64%, 58% and 66%.
Speaking at the association’s annual general conference in HCM City on June 10, Cao Thị Kim Lan, Director of the Binh Dinh Fisheries Joint Stock Company, said in 2023, Vietnam became the world’s 5th largest exporter of tuna behind Thailand, Ecuador, Spain, and China, rising from the 8th place 10 years ago.
She said exports could reach $1 billion again this year if the raw material shortages are resolved. More than 50% of exports are processed from imported tuna.
Questions & Answers
Q.What is the projected value of tuna exports for the first half of 2024?
What is the projected value of tuna exports for the first half of 2024?
Tuna exports are projected to reach US$456.8 million in the first half of 2024. This figure represents a 20% year-on-year increase compared to the same period in the previous year.
Q.Which specific tuna product categories saw significant growth in exports?
Which specific tuna product categories saw significant growth in exports?
Canned tuna products saw a 44% increase, while bagged tuna rose by 24%. Exports of frozen whole tuna nearly tripled, indicating strong growth in these specific segments within the overall export market.
Q.Which export markets experienced the most substantial growth?
Which export markets experienced the most substantial growth?
Exports to Israel, Russia, and the Republic of Korea saw significant increases of 64%, 58%, and 66% respectively. The U.S. and E.U. also grew by 30% and 37%, maintaining their positions as the two largest markets.
Q.What factor could prevent tuna exports from reaching $1 billion this year?
What factor could prevent tuna exports from reaching $1 billion this year?
Exports could reach $1 billion again this year if raw material shortages are successfully resolved. More than 50% of the current tuna exports are processed from imported tuna, making raw material availability critical.
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