Local tuna exports endure drastic downturn

The first four months of the year have seen the nation’s tuna exports fall at a double-digit rate, with exports to major markets such as the EU and the United States plummeting sharply, according to information released by the Vietnam Association of Seafood Exporters and Producers.

The overall value of the country’s tuna exports reached US$196 million by late April, a fall of 16% compared to the same period last year, while the export of the items to other markets has failed to show any signs of recovery.

Most notably, during April alone Vietnamese tuna exports to the US market suffered a decline of 36% on-year. Similarly, the nation’s tuna exports to the EU also fell sharply over the reviewed period, only reaching US$82 million, a fall of 18% from last year.

In terms of exports to the ASEAN market, after declining in March, tuna exports were able to pick back up again in April with a 4% rise in comparison to last year’s corresponding period. Of the ASEAN market, tuna exports to Thailand enjoyed a significant rise of 61%.

The outbreak of the novel coronavirus (COVID-19) epidemic has been a significant factor in slowing down the tuna production plants of EU nations such as Spain and Italy, therefore leading to a growing demand throughout the region to increase imports of canned tuna. At present, the country’s canned tuna exports to the EU enjoyed an annual increase of 2.7%.

In terms of other markets, the opening four months of the year also saw tuna exports to Japan and Egypt grow by 36% and 59%, respectively. The Far East nation is in the process of increasing imports of other processed tuna products from the nation, especially frozen tuna meat which saw an annual rise of 111%.

Due to the global influence of the COVID-19, the price of raw tuna continues to be high in comparison to last year, therefore reducing its competitiveness and making it more challenging for local businesses.