Tuna exports to the EU grow significantly

Tuna exports to major markets in the EU, Italy, Germany and Spain, all grew well over the same period in 2019, at 60%, 20% and 41%, respectively. It is forecasted that Vietnam's tuna exports to the EU at the end of the year will continue to grow.

Tuna export packaging. Photo: T.H

According to information from the Vietnam Association of Seafood Exporters and Producers, in the fourth quarter of 2020, Vietnam's tuna exports to some major markets have witnessespositive changes. As a result, tuna exports in October 2020 have prospered compared to the same period in 2019.

Specifically, according to statistics fromVietnam Customs, Vietnam's tuna export value in October 2020 reached nearly US$65.5 million.

In the first 10 months of 2020, the US continues to be the largest tuna export market of Vietnamese enterprises with a value of US$235.5 million, accounting for more than 43% of the total export value. The value of exports to this market continued to recover and stabilize after five consecutive months of decline due to the effects of the Covid-19 pandemic.

However, according to enterprises, the growth rate is still low, so it cannot compensate for the decline since the beginning of the year. Currently, the US economy has reopened, but it is expected that the demand for processed and canned tuna will continue to increase. Therefore, it is likely that Vietnam's tuna exports to the US will continue to recover in the coming months.

The EU-Vietnam Free Trade Agreement (EVFTA) continues to positively impact Vietnam's tuna exports. The tariff incentives that this agreement brings increased the competitiveness of Vietnam's tuna products, so Vietnam's tuna exports in October continued to grow well, up 17% over the same period in 2019.

In the first 10 months of 2020, the tuna export value of Vietnam to the EU reached more than US$115 million, up 0.5% over the same period in 2019.

In particular, exports to the main EU markets of Italy, Germany and Spain all grew well over the same period in 2019 at 60%, 20% and 41%, respectively. It is forecasted that Vietnam's tuna exports to the EU in the last two months of the year will continue to grow well because importers want to go ahead and prepare for import shipments in early 2021 to enjoy the preferential tariff rates under the EVFTA.

In addition, tuna exports to Japan also continued to grow in October. The export value to this market in October reached nearly US$2.9 million, up 29.3% over the same period in 2019. This partly offset the decrease in export value in previous months. And thanks to this growth, Japan surpassed Israel to become the fourth largest tuna import market of Vietnam.

Exports to ASEAN continued to decline in October. By the end of October 2020, the total value of Vietnam's tuna exports to ASEAN reached nearly US$33.5 million, down 22%. In particular, the export value to the largest import market in the region is Thailand, decreased by 23% over the same period in 2019. Up to now, after Covid-19, Vietnam's tuna exports to ASEAN have not stabilized.

From the above fact, businesses expect that the positive trend of the markets will continue in the last two months of the year because countries are entering the big year-end holiday, and the demand for consumption will increase.