Tuna exports are increasing strongly, especially canned products, up 468% compared to the same period in 2022, according to VASEP.
The Vietnam Association of Seafood Exporters and Producers (VASEP) assessed that Vietnam's tuna exports to South Korea are increasing impressively, while other major import markets are decreasing. According to customs statistics, in the past 7 months, tuna exports to South Korea increased 2.5 times compared to the same period last year, reaching more than 7 million USD.
In the group of exported tuna products, processed and canned products are increasing strongly, especially canned tuna increased by 468%.
In the first 7 months of the year, the average export price of canned tuna from Vietnam to this market fluctuated between 3.2-3.5 USD per kg. The average export price of frozen steamed tuna meat/canned products was 4.7-6 USD per kg.
Currently, Tuna Vietnam, Nha Trang Bay and Phat Trien Seafood are the three companies exporting the most tuna to Korea, accounting for 64% of total turnover.
According to VASEP, the reason why South Korea increased tuna imports from other countries, including Vietnam, despite high commodity prices (the Won depreciated against the USD) was because the fishing fleet's output had decreased. The demand for canned food increased because of the economic recession, people had to tighten their purse strings and prioritized cheap seafood products.
In Korea, Vietnam is the eighth largest tuna supplier, but the largest supplier of processed and canned tuna in the first half of 2023, higher than Thailand and Italy. According to data from the International Trade Center (ITC), in the past 6 months, while total tuna imports into Korea decreased by 7% in volume, imports from Vietnam increased more than 4 times.
Vietnam's canned tuna products account for nearly 77% of Korea's total imports of this product group. Thailand is next with 16% market share.
Duc Minh
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