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Many tuna markets prospered in the first quarter in 2019

In the first 3 months of 2019, Vietnam’s tuna export reached more than US$ 163 million, up 19% compared to the same period in 2018. Although the growth rate of the whole quarter is not high, the export growth rate to some of the key market is impressive.

tuna market

Export of canned processed tuna products of Vietnam to markets during this period continued to increase similar to the same period last year. However, the export growth of these products in the first quarter this year is low, except for export of frozen filet / loin tuna tended to grow higher than the same period.

By the end of March 2019, Vietnam’s tuna export value to the US reached nearly US$ 69 million, up 69% compared to the same period in 2018. With this growth, the proportion of exports to the US market increased from 30% in the first quarter of 2018 to more than 42% in the first quarter of this year. Currently, the US is strengthening importing all tuna products of Vietnam, especially fresh and frozen tuna products. Last year, importing fresh and frozen tuna from the US tended to decrease, however, this year, this trend has reversed. The export value of Vietnamese fresh and frozen tuna to this market is increasing strongly, up 78% compared to the first 3 months of 2018.

Meanwhile, export of Vietnamese tuna to the EU was not very positive. Vietnam tuna export value to this market in the first 3 months of 2019 only reached US$ 29 million, down 19% compared to the same period last year. Export of tuna products to the EU is decreasing compared to the same period in 2018. Compared to the same period last year, the 3 largest import markets of Vietnamese tuna in the block have changed, with the rise of Spain. The export of Vietnamese tuna to this market has an impressive growth rate (up to 3 digits) in March 2019. And along with Spain, the Netherlands is also increasing Vietnam’s tuna imports. However, the export growth to these two markets is still not enough to offset the decline in other markets in the block.

Along with the EU, in the first 3 months of this year, export of Vietnamese tuna to Israel was not satisfactory. In the last 2 months, XK tuna to this market has continuously decreased. The export value of tuna to this Middle East market in the first 3 months of 2019 only reached US$ 13.5 million, down 14% compared to the same period in 2018. Currently, this market is tending to increase the import of frozen / fresh tenderloin and fillets tuna from Vietnam, reducing import of canned processed products.

Offsetting the decline in the EU and Israel markets, this year, exporting tuna to the next two major markets which are ASEAN and China is very positive. In 2018, these two markets tended to reduce Vietnam’s tuna imports, this year this trend has reversed. Especially, continuously from the beginning of the year, Vietnam’s tuna export to China grew at an impressive rate of up to 3 digits. This year, China tends to import fresh and frozen tuna from Vietnam.

In addition, after the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) officially came into force with Vietnam, businesses are taking advantage of opportunities to boost exports to participating countries such as Canada and Mexico. Export of tuna from Vietnam to these two markets in the first 3 months of 2019 is very positive.

Huong Tra (source: vasep.com.vn)

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