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| In the first 7 months of 2023, the average export price of canned tuna from Vietnam to Korea fluctuated from 3.2 - 3.5 USD/kg. (Source: VnEconomy) |
Among Vietnam's tuna export products, processed and canned tuna exports to South Korea are currently increasing sharply, especially canned tuna, which increased by 468% over the same period in 2022. The increase in imports is explained by VASEP as being due to the economic recession, causing Korean people to tighten their consumption, increasing demand for cheap seafood products such as canned tuna.
In the Korean market, Vietnam is the 8th largest tuna supplier, but the largest supplier of processed and canned tuna in the first half of 2023, higher than both Thailand and Italy. According to data from the International Trade Center (ITC), in the first 6 months of this year, while tuna imports into Korea decreased by 7% in volume, the amount of tuna imports from Vietnam increased more than 4 times.
Canned tuna products from Vietnam account for nearly 77% of total imports of this product group by Korea. Thailand ranks second with a market share of 16%; followed by the Philippines with 1.3%.
In the first 7 months of 2023, the average export price of canned tuna from Vietnam to Korea ranged from 3.2 - 3.5 USD/kg. The average export price of frozen steamed tuna meat/canned products to this market ranged from 4.7 - 6 USD/kg.
Among the enterprises participating in exporting tuna to the Korean market, Vietnam Tuna Company Limited, Nha Trang Bay Joint Stock Company and Development Seafood Company Limited are the three largest exporters, accounting for 64% of total export turnover.
According to statistics from Vietnam Customs, while Vietnam's main tuna import markets decreased, Vietnam's tuna exports to South Korea increased impressively. In the first 7 months of 2023, tuna exports to this market increased 2.5 times compared to the same period in 2022, reaching more than 7 million USD.
However, looking at the big picture, Vietnam’s tuna exports were still 28% lower than the same period last year, reaching US$458 million. Low demand and low purchasing power in some major markets have affected Vietnam’s tuna exports. In addition, high raw tuna prices have pushed up the prices of final products, making it even more difficult for consumption demand to recover, especially in the current economic context.
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