Exports of processed tuna products other than HS16 code, in particular, frozen steamed tuna loin still recorded a 25% growth compared to January 2022. VASEP forecasts that the export of this item will continue to grow well in the first quarter of 2023.

The top 10 export markets for processed tuna other than HS16 code of Vietnam in the first month of this year accounted for 93% of the total export value of this product group.

According to VASEP, in the context that exports to main markets such as the US, Japan, Egypt and Australia in January 2023 decreased compared to the same period last year, the export of other processed tuna from Vietnam to Israel increased by 2,283% over the same period

With this growth rate, Israel from the 10th position in the top import markets of other processed tuna from Vietnam in January 2022 has risen to the second largest import market in January 2023.

Along with Israel, Vietnam's other processed tuna exports to other main markets such as Peru, Canada, Thailand, Korea, Italy, Mexico or Chile all increased over the same period.

According to VASEP, to date, the price of whole tuna in the world market has not shown any signs of cooling down. The preferential tariff quota is gradually used up. This means that exports of processed tuna products other than HS16 code, especially frozen steamed tuna loins, will continue to increase in the first quarter of 2023.

Before 2022, the high price of transportation, vegetable oil, and steel price... pushed up the price of finished canned tuna. This causes the import demand for canned tuna in markets to decrease and countries tend to increase the import of frozen tuna loins for domestic production to reduce costs.

Besides, from the end of 2022 until now, the catch has decreased, causing the price of fresh/frozen whole tuna to be high. In the context of inflation, consumers tighten spending, importers also limit the import of whole tuna.

On the other hand, preferential tariff quotas for the group of frozen steamed tuna loins under free trade agreements such as the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive Partnership Agreement and the EU-Vietnam Free Trade Agreement (EVFTA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), etc. are boosting orders.

Kylie Nguyen