Tuna export orders are likely to increase sharply in the last months of the year due to decreasing inventories in major export markets and the recently signed Việt Nam-Israel Free Trade Agreement, the Việt Nam Association of Seafood Exporters and Producers (VASEP) forecasts.
VASEP said domestic tuna exporters could expect positive prospects in the second half of this year.
The association said the stockpiled quantity of tuna in the US – one of the main markets of Việt Nam has begun to decrease and importers were considering speeding up imports.
By the end of the year, major markets such as the US will have many festivals, so consumer demand will increase. Meanwhile, preferential tariffs are an advantage that has pushed EU importers to seek orders from Việt Nam.
Over the past seven months of this year, Việt Nam’s tuna exports reached nearly US$445.6 million, down 31 per cent year-on-year, VASEP said.
While exports of high-value fresh, frozen and dried tuna products decreased 46 per cent, shipments of processed and canned tuna goods saw a modest rise of 4 per cent to over $204 million, it said.
Besides, exports to the EU, Mexico, Israel and Thailand had recorded high growth over the same period of 2022.
The EU market showed signs of recovery, with a growth rate of 28 per cent in June and July, earning Việt Nam a turnover of $12 million per month. Notably, in the bloc, exports to the Netherlands also continuously grew remarkably while that to Germany maintained an increase of 30 per cent in June and July.
At the same time, Vietnamese tuna exports to Mexico and Chile also recorded significant hikes of 100 per cent and 90 per cent, respectively. Meanwhile, tuna shipments to Thailand also soared 65 per cent in the last two months.