Local tuna exports endure drastic downturn

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.