Previously in 2023, Vietnam's tuna exports to the US decreased due to reduced market demand. Rising inflation and devaluation of the USD have caused American consumers to tighten their spending.

According to Vietnam Association of Seafood Exporters and Producers (VASEP), in January, Vietnam's tuna exports to the US resumed growth with an increase in turnover of nearly 62%. Although January 2023 was right around the Lunar New Year, the increase has shown signs of recovery in the US market.

In 2023, Vietnam's tuna exports to the US declined due to reduced market demand. Rising inflation and devaluation of the USD have caused American consumers to tighten their spending. Specifically, turnover reached nearly USD 327 million, a decrease of 33% compared to 2022. However, Vietnam's tuna exports showed signs of recovery in the last quarter of 2023, with a slight increase of nearly 8% over the same period.

According to statistics from the US Department of Agriculture, this country in 2023 not only reduced tuna imports from Vietnam but also from other sources of supply.

Thailand and Indonesia, two competitors in the same region as Vietnam, also experienced declines during this period.

Currently, after seafood imports hit a record level in 2022, the US is tending to gradually adjust its dependence on fish and shellfish from other countries. This is expected to affect US imports of seafood in general, and tuna in particular, from countries, including Vietnam.

However, at the end of 2023, consumer confidence improved due to a better inflation outlook. VASEP forecasts that US tuna imports will improve, but the recovery speed will be slow.

Inflation in large economies has been under control, the global economy may have already bottomed out but recovered slowly, therefore the demand for tuna imports in many countries has not shown signs of recovery. In addition, competition in markets is increasingly fierce and inventory levels of processing and exporting enterprises are high. All of these factors still hinder the recovery of Vietnam's tuna exports.

Kylie Nguyen